Cash flows at U.K.’s Brighthaven

New venture takes advantage of tax credit

Richard Holmes, producer of “Waking Ned Devine,” has launched Brighthaven, one of the first ventures offering to cashflow the U.K.’s new production tax credit.

Holmes has secured funding for the initiative from private investors.

The production tax credit — theoretically worth 20% of the budget for British-shot films costing under $37.5 million, and 16% for bigger movies — came into force in April, but the legislation will not become law until later this summer.

That’s one reason why traditional bankers aren’t yet willing to cashflow the credit.

Producers receive the credit only once their film is completed, which means it can’t be used as part of the production finance unless someone is willing to lend against the value in advance.

Brighthaven will discount the tax credit at a rate that takes into account the risk associated with the fact that the scheme has yet to be approved by the EU, and hasn’t yet become law.

Holmes will work with Richard Moxon of Davenport Lyons to negotiate the Brighthaven financing deals with producers.

“As a producer I like this system because it’s simple, it doesn’t tie you to other, potentially abusive schemes and doesn’t involve you in any form of co-production or executive producer relationship,” Holmes said. “We don’t want a credit, we just want your film to happen.”

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