The annual prize will be open to horror novels written in English and published in the U.K. Pan Macmillan also notes:
The prize, which will be awarded annually, aims to discover and publicise a new generation of horror authors working today and celebrate the boldest and most exciting talent in the genre.
The first award will be open to work appearing in 2014. Self-published novels are ineligible.
The winning author will receive a specially-designed commemorative statuette and a cheque for £2000.
A shortlist of five novels will be announced in January 2015 and the winner named at an awards ceremony in March 2015.