Formosa Films Clubbed PLC
Nyman Libson Paul was involved in the incorporation of the company and assisted the directors with preparing the offer document to raise funds under the Enterprise Investment Scheme (EIS) which provides significant favourable tax benefits to investors. Provisional clearance was obtained by Nyman Libson Paul that the company qualified under EIS and shortly thereafter the offer document published.
The company was successful in raising all the funds needed to make the film which amounted to around £1.615 million. The film went into production towards the end of the fund raising period. Nyman Libson Paul completed the audit and preparation of the company’s first accounts immediately after the period end by which time £1.5m had been incurred in production costs. The company’s corporation tax return for this period was submitted the day after the accounts were approved which included a claim under the film tax credit scheme for a tax repayment of £293,000. This was successfully obtained for the company several weeks later during which time the company completed the film. The company was very pleased to receive the tax credit payment having borrowed funds to finance completion of the film.
We were absolutely delighted with the speed and efficiency with which the work was completed and the film tax credit obtained on our behalf by Nyman Libson Paul-