Irish Tax Incentive For Film & Television to be Extended until 2015
Mary Hanafin, T.D., Irish Minister for Tourism, Culture and Sport, has announced the extension of the film and television tax investment scheme - Section 481 - for a further three years until December 2015.Announcing the decision Minister Hanafin said "the current scheme was due to expire at the end of 2012 and because of its significant and positive impact on this sector a decision was taken by the Government today to extend it in the Finance Bill."
The scheme was amended in 2008, so that Ireland can offer in the region of 26% - 28% net benefit to film producers on film and television productions, up from the previous 20%.
The 2008 amendments increased the overall ceiling on qualifying expenditure from €35m to €50m per individual project. The individual investor cap was increased to €50,000 per annum and the relief on that investment was increased to 100% from 80%.
Responding to the news Irish Film Board Chairman James Morris said "The extension of the Irish tax incentive for film and television, Section 481, until 2015 represents strong support from the Irish Government for the Irish film and television sector, which remains firmly open for business. The guarantee until 2015 comes at a crucial time and will ensure stability and certainty for international producers planning to co-produce with Ireland. 2010 was a record year for Ireland in terms of international production activity and we hope to repeat similar levels of production in 2011."
Minister Hanafin went on to say "it is imperative that we afford this industry a long term growth perspective and build on the successes to date. This sector is truly one of our enduring success stories and Government investment and support is repaid many times over." Significant projects in 2010 include "Camelot", a TV series by the same people who made "The Tudors", "This Must Be The Place" starring Oscar winning actors Sean Penn and Frances McDormand, Steven Soderberg's "Haywire" and "Albert Nobbs" starring Glenn Close. Recent Irish success include feature film ‘The Guard' starring Brendan Gleeson and Irish documentary "Knuckle" both of which are screening at the Sundance Film Festival this week.