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20/03/2002
Isle of Man treasury sets up £25 million film fund
The Isle of Man government have announced a £25 million Media Development Fund to attract big-budget films to the island.
Treasury Minister Allan Bell MHK released details of the fund in the 2002 Budget Speech.
The fund is designed to help investment in films, as well as developing an infrastructure to allow more film industry activity on the island. By the end of 2004/5 the Isle of Man aims to establish a mechanism enabling the industry to become self-financing. This mechanism will allow the development fund to retain and re-invest a proportion of the income it generates.
Since 1995, 37 films have been shot on the Isle of Man including 'Waking Ned', 'Relative Values', 'Me Without You', starring Anna Friel and 'The Heart of Me', starring Helena Bonham-Carter.
Previously, there had been substantial incentives in place for film and television productions. Incentives included up to 25 per cent of the film budget as direct equity investment, no upper or lower limits and help with the financial structuring of budgets. Film and television projects can also apply for production credits where the project is being funded, at least in part, by a recognised broadcaster.
Allan Bell, the Isle of Man’s Treasury Minister, said: “We have decided to make long-term investment to build on the benefits both to the film industry and the Isle of Man’s economy."
He added: “We have a multitude of different locations with contrasting inland and coastal scenery, townscapes, steam and electric trains and international motorsport. A surprisingly high percentage of production facilities can also be sourced locally.”
To qualify for investment a project should: be able to be filmed wholly/partly on the Isle of Man; be capable of spending at least 20 per cent of the below-the-line budget with local service providers; be otherwise fully funded; have a sales agent and/or a distributor; and have a completion bond in place.
Filmmakers can contact the Isle of Man Film Commission on +44(0)1624 687173.
(GMcG)
Treasury Minister Allan Bell MHK released details of the fund in the 2002 Budget Speech.
The fund is designed to help investment in films, as well as developing an infrastructure to allow more film industry activity on the island. By the end of 2004/5 the Isle of Man aims to establish a mechanism enabling the industry to become self-financing. This mechanism will allow the development fund to retain and re-invest a proportion of the income it generates.
Since 1995, 37 films have been shot on the Isle of Man including 'Waking Ned', 'Relative Values', 'Me Without You', starring Anna Friel and 'The Heart of Me', starring Helena Bonham-Carter.
Previously, there had been substantial incentives in place for film and television productions. Incentives included up to 25 per cent of the film budget as direct equity investment, no upper or lower limits and help with the financial structuring of budgets. Film and television projects can also apply for production credits where the project is being funded, at least in part, by a recognised broadcaster.
Allan Bell, the Isle of Man’s Treasury Minister, said: “We have decided to make long-term investment to build on the benefits both to the film industry and the Isle of Man’s economy."
He added: “We have a multitude of different locations with contrasting inland and coastal scenery, townscapes, steam and electric trains and international motorsport. A surprisingly high percentage of production facilities can also be sourced locally.”
To qualify for investment a project should: be able to be filmed wholly/partly on the Isle of Man; be capable of spending at least 20 per cent of the below-the-line budget with local service providers; be otherwise fully funded; have a sales agent and/or a distributor; and have a completion bond in place.
Filmmakers can contact the Isle of Man Film Commission on +44(0)1624 687173.
(GMcG)
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