The Folio Prize is open to all works of fiction written in English and published in the UK. All genres and all forms of fiction are eligible. The format of first publication may be print or digital.
The Prize will be awarded in March for books published in the previous calendar year.
Each year, five members of the Academy will be invited to judge the Prize. A Chair will be nominated from this group and will lead the judging panel.
The judges will consider a total of 80 books. The first 60 will be nominated by the Academy. Publishers will then be invited to write letters in support of additional titles, after which the balance of 20 books will be called in by the judges.
The sole criterion for judgment will be excellence: to identify works of fiction in which the story being told and the subjects being explored achieve their most perfect and thrilling expression.
From these 80 titles a shortlist of eight will be selected by the judges. The winner will be announced at the annual Folio Prize ceremony and presented with a cheque for £40,000.