Film administration and co-production
The motion picture, theatre and musical industry is well known for its complexities and the international nature of its work. The inherent challenge this presents to the proper structuring of matters relating to taxation can sometimes be formidable.
Working crews, extras and all other staff who contribute often have to be paid in locations outside of the UK. Equipment has to be moved around internationally and many actors and actresses, having different domiciles, are often forced to consider very complex personal taxation arrangements. In addition to the obvious logistical challenge this presents, these industries may also have financing in place, also derived from various locations globally, making taxation extremely challenging, as a whole.
ILS has a specialist and dedicated international film division, located in our Isle of Man office, which handles many of the complex issues unique to the industry. We manage to achieve this on a day-to-day basis by centralising the administration in the Isle of Man and by simplifying operations in the most tax efficient ways possible.
From such a location, our clients feel fully supported at every level. The services we provide would normally range from full maintenance of statutory corporate records, to any day-to-day support necessary, whilst filming, acting or entertaining is actually in progress. ILS Fiduciaries is able to handle and process all types of payments associated with the running of such projects.
For a typical client, such as a US Film Production Company, we deal with multi-currency payments and the supply of detailed accounting information for them on a daily basis. Most activities are very carefully structured in order to recognise the need to deliver such services on a time critical basis.
An important part of a creative enterprise such as this is understanding how best to manage any intellectual property and the effective routing of royalties that would normally result. ILS has gained considerable experience in this particular field and in so doing are able to provide proven highly tax-efficient solutions.
The Group’s head offices are situated in the sophisticated independent low-tax jurisdictions of the Isle of Man, with other offices important to the IP industry located in Switzerland, the British Virgin Islands, London, Dubai and Hong Kong. All are extremely well regulated and recognized for the high standard of services they are able to supply globally, but especially to the film, music and entertainment industries in particular.
The Isle of Man also has its own Film Commission, which is fully endorsed by its Government, placing ILS in an ideal position to assist any client who requires additional help before making their final decision to base activity in the Isle of Man.