Skills Investment Fund
What is the Skills Investment Fund?
To support skills in film, high-end TV, animation, games and VFX the Government is co-investing up to £16m to match industry investment, leading to a total of £32m over two years.
This will be managed by Creative Skillset through its Skills Investment Fund (SIF).
Originally set up to manage film industry investment, the Skills Investment Fund will channel industry and government investment to support training and skills development in these growth industries.
Why is the Skills Investment Fund (SIF) needed?
Our skills and talent base form the backbone of the UK's world class and growing creative media industries but we need to invest in on-going skills development. Working together has direct benefits and will mean we can achieve greater scale, address common issues and secure wider benefits, such as match funding. The Skills Investment Fund is designed to ensure a legacy of sustainable industry-wide arrangements, with investment now securing a strong and bright future.
How does the Skills Investment Fund work?
For each £1 employers contribute to the SIF, Creative Skillset matches with £1 from HM Treasury investment. Creative Skillset has consulted each industry on their preferred mechanism to access the funding through the SIF.
- For film, high-end TV and animation, employers requested to contribute to the SIF via a production levy - a contribution of 0.5% of UK core expenditure (currently capped at£39,500).
- The games industry will co-invest via a number of schemes, including funding training for professionals and supporting trainees via a pilot to be launched in June 2013.
- Consultation is taking place regarding arrangements for VFX.
Creative Skillset is working with each sector to identify the priority skills areas and establish schemes and funding streams to address those shortages.
What is the link with tax reliefs?
The Skills Investment Fund will support skills and talent development in the film, TV, animation, games and VFX sectors. In sectors qualifying for new tax reliefs this investment will help develop the skills needed to support anticipated increases in production.
Where does the investment go?
Investment raised through the Skills Investment Fund is spent on training for the industry at all levels against the priorities identified and agreed by each sector. Example activity includes:
- Access to a pool of subsidised, talented trainees
- Boot camps/work experience/internships/apprenticeships for bright new talent
- Bursaries for craft and technical, management and leadership, health and safety and international training
- Subsidised training schemes
- Shadowing and mentoring programmes to enable stepping up and upskilling
- Short courses aimed at addressing sector specific skills shortages
How is the Skills Investment Fund managed?
Creative Skillset's programme of research identifies sector skills needs, gaps and shortages, cross-sector skills issues and themes and forecasting methods. Where available, this research feeds into skills strategies for each sector and picks up cross-sector needs, issues and action.
From these strategies, the skills advisory council for the relevant sector identifies the skills priorities and activity to be supported by annual investment plans. Where there are common priorities between sectors Creative Skillset ensures alignment and co-investment, where appropriate.
Get in touch
Want more information on contributing to the SIF? Contact Fergal McBride on firstname.lastname@example.org.
For more on the UK tax reliefs please visit HM Revenue & Customs.
Find out more about State Aid and the Skills Investment Fund.
Supported by the Department for Culture, Media and Sport.