The latest issue of the Tax Efficient Review details all the film partnership schemes still claiming to be viable following the Inland Revenue's bombshell last month.
The Revenue introduced guidelines banning certain types of schemes from raising funds because it objected to the profit-sharing ratios between producers and their members. These schemes include Scene from Teather & Greenwood, First Choice from Grosvenor Park, Inside Track from Ingenious and Premier Picture from Great British Films.
The rest are allowed to carry on raising funds but TER editor Martin Churchill says he suspects that more could fall foul of the Revenue if it decides to take a closer look at their structures.
He says two schemes in particular – Scion Films Phantom Partnership and Timeless Releasing LLP, both print & advertising schemes – are most at risk, given the aggressive stance of the Revenue.
The safest schemes – those falling within the new guidelines – are sale & leaseback and production schemes. These include Aquarius Film Company, which has around £5m of product still available, Close sale & leaseback, which has a remaining capacity of £54m across two schemes, and Foresight LLP, which is seeking up to £10m to gap finance films which have already achieved much of their financing.
Other schemes include Grosvenor Park's 2004 Partnership No1, which has £20m left of its £100m capacity, and Halcyon Films LLP, which is £35m. There are also Ingenious Media sale & leaseback, Invicta Film Partnerships, Matrix Carbon Super sale & leaseback partnership and Movision Partnerships series 2.
Churchill says: “No scheme is really safe until it has passed the period within which the Revenue can raise an inquiry into it.”