Significant improvements in Section 481
Acting on an Irish Film Board (IFB) recommendation, Minister for Arts Martin Cullen has proposed amendments to Section 481, to increase investment in the Irish film industry.
The individual investor cap will rise to €50,000 per annum (up from the current limit of €31,750) and there will be a 100% relief on that amount from the previous 80%.
Cullen said, “This improvement follows on from confirmation earlier this year to increase the cap per project to €50 million and to also extend the Section 481 relief scheme to 2012. These amendments to the Finance Bill with the support of the Minister for Finance, will allow the Irish film sector compete internationally to bring major inward investment productions to Ireland, while strengthening indigenous film and TV production. I believe that the provision will sustain and grow employment in this sector in the years ahead, grow our production capacities and embed this key creative industry.”
IFB Chairman James Morris said, “With the introduction of these amendments the Minister for Arts is signaling a clear vote of confidence in the industry to deliver not only on the immediate employment and overseas investments in the next twelve months but also on the long term potential for the industry to continue to grow. In this context recently gathered statistics demonstrate dramatically the success of Government policy of promoting an Irish based screen industry through direct funding and film tax incentives. Since 1992 the numbers in the industry have grown from 1000 directly employed to 6000 in 2008 and given the nature of film and television production, this also represents substantial additional spin-off benefits in terms of expenditure in the wider economy.”
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