Film Tax Relief To Be Increased In Ireland

Following agreement with the Minister for Finance, 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%.

Minister Martin 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."

Minister Cullen continued: "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." Minister Cullen added: "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 and I encourage an Bord Scannán na hÉireann/the Irish Film Board and the sector, to spearhead a major drive to deliver on this initiative."

So far this year twenty-five Irish Film Board-backed feature films have started production in Ireland, featuring Irish and international talent. Irish Film Board-funded film and television projects contributed an estimated total of over €75 million to the Irish economy in 2008, showing a significant return on Government investment in this sector.