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30/06/2003

Clydesdale Bank loan transactions help support the British film industry

A team from CMS Cameron McKenna has advised Clydesdale Bank plc recently on a series of loans to individuals totalling £125m to help support the British film and television industry.
The loans are granted as part of sale and leaseback transactions, which have helped to finance a number of British films and television programmes, including ‘The Mother’, shown at the recent Cannes film festival.
Loans have been provided by Clydesdale Bank for sale and leaseback transactions for other British films including ‘28 Days Later’, ‘This Little Life’, ‘Evelyn’ and ‘Max’. The loans have also been provided for UK television programmes, including the controversial ‘Second Coming’, ‘Murphy’s Law’, which stars James Nesbitt, and ‘Knowing me, knowing you’.
With the proceeds of the loans from Clydesdale Bank plc, the individual purchase a share in a partnership. The partnership then purchases films or television programmes from production companies, which then lease them back. The aim of this is to provide the partners with tax relief on their contributions, under the terms of the Finance (No.2) Act 1997. The tax relief available provides an incentive for these film partnerships to support the British independent film and television industry.
The CMS Cameron McKenna team advising Clydesdale Bank plc consists of John Evans, Anna Deakin and Will Meredith.
(GB)
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