Important Information

The investments referred to in this website are not suitable for all investors. Calculus Capital Limited is not able to give advice to prospective investors about the suitability of the investments. Prospective investors are recommended to seek specialist tax and financial advice before investing in any Calculus EIS Fund, including the UK Creative Content EIS Fund.
An investment into a Calculus EIS Fund may only be made on the basis of reading in full the information set out in the relevant Information Memorandum.
When investing in the Fund, your capital is at risk. The value of shares and income from them may go down as well as up and despite the tax relief you may not recover the amount originally invested. An investment in smaller and unquoted companies carries a higher risk than many other forms of investment. Shares in unquoted companies are not readily marketable. You should not invest in an EIS unless you can afford to lose some or all of your capital.
An EIS investment is only appropriate for investors with a medium to long term investment horizon; the timing and extent of realisation cannot be predicted and may extend beyond five years. It is not possible to allow a partial withdrawal of your investment. You may request a total withdrawal, but since many investments made by the Fund will be in unquoted companies, this may not be possible. Withdrawal within three years would lead to repayment of any tax reliefs received.
The tax benefits available depend upon your individual circumstances and these benefits may change dependent upon future legislation.
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The still images and clips of films and television programmes used on this website do not form part of the UK Creative Content EIS Fund, and their use should not be interpreted as examples of prior investments made by any of Calculus or Stargrove. The images are used to demonstrate well-known content produced historically by UK screen content companies.

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How tighter investment regulations are benefiting the UK screen industry

Calculus Capital CEO John Glencross has been published in FT Adviser.

It has been yet another outstanding year for British screen talent – crowned by Olivia Colman scooping an Oscar for her role in successful homegrown production The Favourite. The screen industry is currently worth almost £8bn a year to the UK economy and growing faster than almost any other sector. The UK has some unique advantages – the English language, supportive government and a well-established, sophisticated infrastructure. With subscription streaming giants like Netflix and Amazon funnelling vast amounts of money into the creation of premium content – and blurring the lines between film and TV in the process – the growth prospects look even more exciting.This is exciting for investors too, but there is an obvious challenge.

Advisers and clients could be understandably nervous about tax-efficient investing in this sector after HM Revenue & Customs’ well-publicised challenges to historic models. In April last year new regulations also came into place that tightened up what HMRC considered to be loopholes in the enterprise investment scheme (EIS) legislation. The Treasury was clear: the generous tax benefits associated with EIS – like 30 per cent income tax relief, capital gains tax-free profits, loss relief and no inheritance tax on shares after three years – come at a price.

They are there to attract investors willing to take on some investment risk to help Britain’s most promising young companies.

Sweet Spot

Last month the BFI launched the first of this new breed of EIS screen content funds. Working with industry veterans at Stargrove Pictures, Calculus Capital won a competitive selection process to manage it independently of the BFI, which is a charity.

Others EIS funds will inevitably follow.

One producer I spoke to recently summed it up: “It is so refreshing to be talking about investment to grow a business rather than having to talk about project finance.”

The BFI’s deputy chief executive, Ben Roberts, adds: “EIS funding hits a sweet spot. This is the first time we’ve seen a possibility to really support the brilliant emerging production companies we meet, as well as more seasoned film executives who might be looking to recalibrate their business and start something new at a point where film and television in the UK is just exploding.

“The demands from the likes of Amazon and Netflix are extraordinary and can be met by really brilliant creative people from all over the UK.”

To read the full article please click here.