A new UK Enterprise Investment Scheme venture from Prescience Film Finance and tax specialist Chancery aims to raise around $10m (£5m) for UK film and television productions.

Prescience Pictures' initial projects include a Bruce Beresford-directed film version of Oscar Wilde's A Woman of No Importance, to star Lindsay Lohan and to be produced by Donald Zuckerman, Howard Himelstein and Sarah Radclyffe.

'The timing of this offering is very exciting as the British Film Industry is storming ahead in 2007,' said Tim Smith, Managing Director of Prescience Film Finance.

'Our 10% of a film's budget will make all the difference in green-lighting some very high-profile projects, from the very best UK and international producers'.

Peter Nichols, Managing Partner of Chancery said the move was the first of a number of EIS film plans it will be launching.

The EIS is a governmentincentive for individual private investors to invest inbusinesses, including film production

It offers income tax and capital gains relief to encourage investments in small unquoted UK companies.