481 Capped at 50 Million

26th March 2009 by Maura McHugh

According to IFTN amendments to Section 481, which regulates Irish film taxation, have been approved following the signing of a Commencement Order by Irish Minister for Finance Brian Lenihan.

The amendments are to increase the cap per project to €50 million (from €35 million), the individual investor cap for those wishing to invest finance in film in Ireland will increase to €50,000 per annum (up from the current limit of €31,750) and there will be a 100% relief on that investment – previously the relief was at 80%.

Martin Cullen, TD, Minister for Arts, Sport and Tourism welcomed the move; he said:

“The film and T.V. production industry is a fast moving and competitive global one. Ireland has now done what is essential to remain competitive in this crucial high-end inward investment industry. The investment pipeline for this year is promising and I believe that these adjustments to the tax investment regime will be the catalyst in securing those opportunities for Ireland.”

Minister Cullen added: “The film industry is the cornerstone of a smart and creative digital economy and with today’s announcement Government acknowledge its importance at this crucial time in our economic story. I believe that the provision will sustain and grow employment in this sector in the years ahead, grow our production capacities and help to embed this key creative industry. I encourage an Bord Scannán na hÉireann/the Irish Film Board and the sector, to spearhead a major drive to deliver on this initiative.”

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