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.

I have read and understood this important information.

Calculus Capital is delighted to partner with Stargrove Pictures for the UK Creative Content EIS Fund, supported by the BFI. This is a new era of investing in the UK creative industries aligned to the Government’s objectives for EIS

The UK is a global force in creating content for the screen industries, with world-class infrastructure and talent. UK creative content companies have an established track record of producing award-winning, commercially successful films and television shows watched by millions worldwide, and are ideally placed to benefit from this growth in content expenditure.

The UK Creative Content EIS Fund will invest in a diversified portfolio of growth orientated UK creative content companies, capitalising on  the unprecedented growth in demand.

Calculus has been at the forefront of investing in UK growth companies for twenty years. We are committed to investing in the spirit of the EIS legislation and are pleased to partner with Stargrove Pictures for the UK Creative Content EIS Fund. The team brings experience, industry connections and knowledge. There has never been a better time to create, own and invest in UK content.

The Fund is now OPEN

Next Close Date – 26 June 2020

Subsequent Closes: 30 October 2020

Information Memorandum

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Key Information Document

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Key Features & Benefits

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Why UK Creative Content Fund?

Under current legislation the Calculus Capital EIS Fund entitles Investors to five generous tax incentives *:

  • Income tax relief at 30% which can be taken in the tax year the Fund makes its investments or carried back to the previous tax year
  • Tax free capital gains on the investments within the Fund
  • Full capital gains tax (CGT) deferral of tax due on other capital gains for the life of the investment
  • Loss relief which can be taken as a deduction against income or as a capital loss (giving a total tax relief up to 61.5%** when combined with initial income tax relief)
  • Full inheritance tax relief provided the investments have been held for two years and are held at time of death

*  The information given above provides only a summary of the tax benefits. The rates shown are based on current UK legislation which could change in the future, possibly retrospectively. These tax benefits depend on individual circumstances. If you are unsure of your tax situation you should seek professional advice from a qualified tax adviser. Tax rules and regulations can be subject to change.

**assumes a higher rate tax payer

Calculus Capital is a multi-award winning EIS Fund Manager with unparalleled experience of investing in and working with growth focused UK companies

Our History

Calculus is a pioneer in EIS, having created the first UK approved EIS fund in 1999. Our 20-year track record includes highly successful investments in UK growth companies across a broad range of sectors.

The companies in which we invest create jobs throughout the UK, foreign earnings, tax revenues for government and innovation to established industries. We realise that successful investment, whatever the sector, is about more than the initial investment and work closely with our investee companies, providing support and guidance to both mitigate unnecessary risk and capture the maximum upside for our investors.

Our Results

We are very proud of our track record of profitable exits and commitment to the ‘true spirit’ of EIS investing.

We have won many industry awards including ‘Best EIS Fund Manager’ at the Growth Investor Awards in 2018 and 2016 and the EIS Association’s ‘Fund Manager of the Year’ Award five times. The success of our investment approach is also evidenced by our loyal investor base.

EIS Legislation

Calculus has always been a growth investor and has always invested, not only within the rules, but in keeping with the spirit of EIS legislation. John Glencross, CEO of Calculus Capital, is a key contributer to the industry and regularly attends HM Treasury, HMRC and FCA meetings to discuss policy amendments and implementation. John is a Member of the EU State Aid Committee and a Member of the EIS Association Board and the Technical and Regulatory Committee.

Corporate Governance

Calculus Capital Limited which is authorised and regulated by the Financial Conduct Authority (FCA registration number 190854) is committed to maintaining high standards of corporate governance.
Calculus Capital has a board of five members with diverse experience and backgrounds:

John Glencross – Chief Executive Officer & Co-founder
Susan McDonald – Chairman & Co-founder
Ken Edwards – Non-Executive Director

The Directors meet quarterly and on an ad hoc basis as required.

The Board has established an Audit Risk and Compliance Committee which plays an important role in the appraisal and supervision of key aspects of the Company’s business including financial reporting and internal controls.

The Directors have also established an Investment Committee whose responsibilities include determining and agreeing with the board the Company’s framework or broad policy for fund investment and considering all investment and divestment proposals.

The Company takes into account the requirements of the Stewardship Code and also has in place internal policies and guidelines on a variety of matters including financial reporting, anti-money laundering, anti-bribery and corruption, conflicts of interest, and promoting sustainable practices within the firm.

Calculus Capital Limited is a member of the EISA and the BVCA.

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The Stargrove team has overseen over £1 billion of investment in the sector.

The Stargrove team has over thirty years’ combined experience, and has managed and advised on investments exceeding £1 billion in the creative content sector, including £750 million of creative content EIS and VCT investments.

The team has an extensive global network of entertainment industry relationships and connections, and is one of the leaders in its field.

Stargrove’s expertise in managing IP development, building finance plans, advising on key points in commercial negotiations and sourcing finance and distribution will help provide invaluable support to investee companies.

As such, Stargrove is ideally positioned to identify and secure compelling investment opportunities for the Fund and, in partnership with Calculus, to manage the growth of those companies through to successful exit.

In association with Calculus/Stargrove, the BFI supports the launch and ambitions of the Fund

In 2018, the BFI Commission on UK Independent Film published its report examining the current health of the UK independent screen industries. The Commission recommended that an EIS fund should be established to encourage a new wave of investors bringing greater private investment into the UK screen industries in order to grow dynamic and ambitious UK production companies with the potential to be more competitive in the market. The fund would be associated with, but independent of, the BFI.

The BFI conducted an open call process to select a fund manager to structure and establish this new EIS fund aligned to the Government’s new robust legislation. In December 2018, the BFI selected Calculus Capital to be the manager of the new EIS fund, with Stargrove Pictures to act as strategic adviser to the fund bringing the necessary industry knowledge, connections and expertise.

The Fund will operate to the new model and spirit of EIS as set out by Government through HMT and HMRC. In association with Calculus/Stargrove, the BFI supports the launch and ambitions of the Fund in adopting a new approach for investment in the UK creative industries aligned to the Government’s objectives for EIS. The BFI will not have a financial interest in or any involvement in managing the Fund or its recipients for investment.

The BFI trade mark is the registered trade mark of the BFI. The BFI is a registered charity and is acting solely in furtherance of its charitable aims.

The Opportunity

A highly competitive landscape has led to an unprecedented global demand for original content. There has never been a better time to create, own and invest in UK content.

Technology is changing the way we consume creative content, evidenced by the significant growth of subscription video-on-demand (SVOD) services such as Netflix and Amazon. Together with more traditional broadcasters and distributors, this has created a highly competitive landscape and an ever-increasing global demand for exciting original content.

The total spend on UK high-end television and film production in 2018 reached £3.1billion*. With Netflix and Amazon ramping up their activities in Europe, and Apple now in the market for original content, we are anticipating expenditure to rise for UK based productions over the coming years.

The Fund will invest in a new generation of EIS Qualifying UK companies best placed to capitalise on this global demand for content. The Fund will support their innovation and growth and enable them to retain a meaningful interest in their intellectual property as they scale up.