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IoM Confident Of Film Finance Partnership Decision

by Jason Gorringe, Tax-News.com, London

06 December 2012


Commenting upon the release of Pinewood Shepperton's half-yearly accounts, the Isle of Man's Treasury Minister, Eddie Teare has said that the newly agreed partnership with the British film studio represents a good deal for the island's economy, and will support growth in the island's film and film finance industries.

Figures released by the company for the first six months of the financial year, April to September, show an increase in revenue, operating profit and basic earnings per share. Pinewood Shepperton, home to productions including the new James Bond film Skyfall, also reports strong demand for its studio facilities into 2013 and beyond.

Ivan Dunleavy, Pinewood Shepperton's Chief Executive, said: "Current trading is positive with a high level of contracted revenues for the remainder of the current financial year. The number of film productions contracted so far for next year is encouraging and the Board looks forward to the future with confidence."

Pinewood’s interim results were announced as filming continues in the Isle of Man on Dom Hemingway, a black comedy starring Jude Law and Richard E. Grant. This is the landmark 100th film production for the island in an industry that has delivered significant benefits for the Manx economy in recent years, including the generation of more than GBP100m of local expenditure.

Teare commented: "Pinewood Shepperton’s interim results reflect a buoyant company with a long order book and plans for further expansion and growth. We hope to reap the rewards of teaming up with one of the world’s leading media brands, both as a shareholder in the company and through investments made via our Media Development Fund. It is time to draw a line under the recent debate about the Pinewood deal and focus our energy on achieving the maximum benefits from this partnership."

"Joining forces with an expanding global brand is a positive move towards the further diversification of the Isle of Man economy. Being innovative, enterprising and exploiting niche sectors is crucial to the island’s future well being, and the film and wider creative industries will continue to play a key role in our strategy for future growth."

The Manx Treasury signed an agreement in October to transfer management of the Isle of Man’s GBP25m (USD40m) film and television investment fund to Pinewood Film Advisors Ltd for an initial five-year period, and to purchase nearly five million ordinary shares in Pinewood Shepperton plc, for a deal worth GBP12.23m for a shareholding of 9.89%.

The Isle of Man has so far collaborated with Pinewood on two high-profile films, Belle and Dom Hemingway, with a number of other projects in the pipeline.

Teare concluded: "We are already starting to see the benefits of this partnership which I believe will further enhance the island’s reputation in the film industry. I also draw great encouragement from that fact that Pinewood is building a new GBP6.9m, 45,000 sq ft studio facility in order to meet continued demand. This demonstrates a company and an industry that are investing in the future with confidence."

A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance and Film Finance in a number of key jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
TAGS: Isle of Man | tax | investment | film finance | international financial centres (IFC) | offshore

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