A news piece dated on the week of February 8th, 2004
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4 Blighty producers eye Foresight funds
Prescience provides funding via Section 48 tax break
By ADAM DAWTREY
BERLIN -- Brit producers Jeremy Thomas, Andrew Eaton, Simon Channing-Williams and Richard Holmes have signed up with a new £10 million ($18 million) production fund being launched by Prescience Film Finance. The Prescience fund, dubbed Foresight Film, uses the U.K.'s Section 48 film tax break, and is unaffected by the British government's shock move Tuesday to outlaw film funds that operate outside Section 48. Foresight has first refusal to provide up to 25% of the budget for nine potential projects with a total budget of $72 million the four producers are hoping to set up in the 2004-05 tax year.
Projects include Michael Winterbottom's "Tristan Shandy," "A Star Called Henry" and Emma Thompson's "Fast Forward," all from Eaton and Winterbottom's Revolution Films; Terry Gilliam's "Tideland,"
Carine Adler's "Stray" and Brian Skeet's "Synchro" from Thomas; "White Bhaji" from Holmes; and "Cork" and "Brothers of the Head" from Channing-Williams. Prescience is run by industry veterans Paul Brett and Tim Smith. Producer Stephen Woolley is on the advisory board, along with reps of the fund's tax adviser WJB Chiltern and its promoter Park Caledonia.
"The combination of highly commercial, quality productions, a very competitive overall structure and the tried and tested advantages of Section 48 make Foresight Film a very strong proposition for investors in what is probably the final opportunity to benefit from this form of tax relief," said Smith.
The banning of non-Section 48 funds has strengthened Foresight Film's position as it launches its fund-raising over the next couple of weeks.
"Our agreements with these leading independent British producers provide the (investors) with access to the cream of the U.K.'s production output for 2004/2005 and, coupled with the quality of the team behind Foresight Film, should significantly reduce investor risk and create the opportunity of genuine upside," Brett said.
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Article from
Indieville.