‘Locked Box’ scheme has previously been tapped into by UK producers.
UK writers, directors and producers are now to share an equal third of the BFI’s ‘Locked Box’ recoupment.
Directors UK, Pact and The Writers’ Guild of Great Britain have struck a deal to ensure that directors and writers of feature films supported with Lottery funding through the BFI Film Fund will share with producers in the BFI’s ‘Locked Box’, a pool of recouped income up to 37%, which is held by the BFI and then can be used for developing and producing future films.
The recouped income that is held in the Locked Box will be split with directors, writers and producers each guaranteed a minimum share of 12.5%.
While producers have been tapping into the pool since 2012, the UK writers and directors trade bodies had yet to strike a deal with Pact.
To date fifteen productions have drawn down money from the ‘Locked Box’, including The Iron Lady producer Damian Jones, who used the funding to invest in comedy Powder Room.
The agreement takes effect immediately and will be reviewed in 2017.
The scheme was one of the recommendations of the Film Policy Review led by Lord Chris Smith in 2013.