• April 2019

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    • 6th - Start of 2019-2020 tax year
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 22nd - Easter Monday (E,W,NI)
    • 19th - Good Friday (E, W, NI, S)
  • May 2019

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    4   5   6   7   8   9   105
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    • 6th - May Bank Holiday (E,W,NI,S)
    • 19th - HMRC cheque payments due
    • 22nd - HMRC BACS payments due
    • 27th - Spring Bank Holiday (E,W,NI,S)
    • 31st - Employee P60s due
  • June 2019

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  • July 2019

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    • 6th - Forms P11D, P11D(b) and P9D due
    • 6th - Form 42 Due
    • 12th - Battle of the Boyne - Bank Holiday (NI)
    • 19th - HMRC cheque payments due
    • 19th - Payment of 2018/19 Class 1A NIC due
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  • September 2019

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  • October 2019

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    • 5th - Personal Income Tax Statement
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  • November 2019

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  • February 2020

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  • March 2020

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    • 17th - St. Patrick's Day (NI)
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UK Tax Week

   15 Jun - 21 Jun

11

 

Creative Strategies for International Film Finance

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Summary

Sargent-Disc director Laurence Sargent was joined by an expert panel to discuss aspects of film finance including tax reliefs, EIS and Seed EIS schemes, discretionary funding and crowdfunding.

Creative Strategies for International Film Finance

Following the positive reception of last year's seminar, the UK Film Centre and BFI invited Sargent-Disc to participate in a similar discussion on film finance at this year's Cannes Film Festival. The event took place on Saturday 18th May, and included several industry experts who were able to discuss the topic in the context of personal experience.


The Panel

(From left to right)

Laurence Sargent - Director, Sargent-Disc (Moderator)
Joseph Chianese - Executive Vice President, EP Financial Solutions
Pat Kaufman - Executive Producer; New York State Governor's Office for Motion Picture and Television Development
Pippa Cross - Producer (Leave To Remain, Desert Dancer)
James Bramsdon - Corporate Tax Adviser at film and television tax experts Saffery Champness
Dominique Malet - Director of Cofiloisirs, a French finance company for film and television

Chris Curling - Producer (The Zero Theorem, Hannibal Rising)

 

Watch the Seminar >

 

After introductions, the conclusions of last year's seminar were revisited: that producers must think creatively to integrate various means of finance to realise their project on an international level; that pre-sales were a difficult venture in the current economic climate; that discretionary funding remained difficult to attain; that competitive tax incentives were more evident across the world; and that crowdfunding had been proving itself increasingly popular.

 

Financed by the Fans

In review of this popularity, crowdfunding took first place on the agenda. Discussion began in the context of recent successes such as Rob Thomas' extraordinary Veronica Mars campaign, as well as the use of crowdfunding in smaller-scale films, which have even used donations to create teaser trailers. As Pat Kaufman commented, its increasing prevalence has 'opened up a door that was not there before'.

 

Continuing the optimistic tone of the discussion, Laurence Sargent raised the topic of private equity by inviting Pippa Cross to share her experience of the Enterprise Investment Scheme (EIS) in her latest production, Summer in February, which was backed by an inspiring sum of 68 investors. Their involvement in the film making process was an integral factor in their willingness to contribute, according to the producer, as 'it helped that they felt invested in the film'.

 

Safe Incentives

Changes to tax reliefs and ways of gaining funding through other government subsidiaries are the core expertise of EP Financial Services' Joe Chianese, who remarked on the changing economies of global superpowers such as the US, and the consequential benefits of having reliable incentives available through government legislation. Dominique Malet observed France's equivalent, the Compte de Soutien, which allows producers to reinvest capital gained from ticket sales.

 

Referring to New York's increasing popularity for film and television production, Pat Kaufman reiterated the efforts the state had made in attracting industry to the Big Apple - which will be distributing $450m per year over the next 5 years. Joseph Chianese highlighted this effect in the context of The Tonight Show, which will be moving production to New York despite having been based in Los Angeles for the last 25 years.

 

Product Placement

Praising the UK tax credit system as 'one of the best', producer Chris Curling redirected the dynamic of conversation to commercial capital, which he believes is the most important in forecasting the value of a production. This prompted Pippa Cross to lead discussion on product placement: outdoor recreation company Roxy played a significant part in providing equipment for her film Chalet Girl, which she said 'added authenticity' to the film. This creative means of investment can be easier to obtain that soft money, although as Dominique Malet added, its value cannot be completely accounted for until the final edit.

 

The Q&A

With the floor opened up to a Q&A, audience professionals had the opportunity to share their concerns. One producer questioned the possible negative impact of tax reliefs on smaller independent producers, who he believed may feel disenfranchised with the measures to attract large-scale invesment. However, as James Bramsdon pointed out, the UK imposes no minimum threshold on its film tax reliefs, provided that the film is intended for theatrical release. The seminar thus concluded in this encouraging tone. We look forward to a postive review of further developments next year...

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