Ó An Roinn Airgeadais; An Roinn Turasóireachta, Cultúir, Ealaíon, Gaeltachta, Spóirt agus Meán
Foilsithe
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Teanga: Níl leagan Gaeilge den mhír seo ar fáil.
The Minister for Finance, Michael McGrath TD, and Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media, Catherine Martin TD, highlighted recent improvements to the film and television tax incentive, Section 481, during a production visit to Ardmore Studios. The Ministers met with representatives from Ardmore Studios and Wild Atlantic Pictures, who are currently in production at the studio – along with industry bodies VFX Ireland and Animation Ireland, who gave a brief demonstration showcasing highlights from their respective sectors.
The visit comes on the back of two recent significant amendments to the Section 481 film tax credit. The cap on eligible expenditure as part of Section 481 has been increased from €70 million to €125 million per-project. The credit has also been extended for a further four years from its previous end date of 31 December 2024 to 31 December 2028.
In March, Minister McGrath signed two commencement orders to give effect to the amendments following the receipt of European Commission approval for both measures. The increase in the cap and the extension of the credit will support the continued development of the creative film sector and will ensure that Ireland remains competitive as an attractive location to produce high-quality films and television series into the future.
In relation to the visit, Minister McGrath stated:
“It is fantastic to be able to see first-hand some of the amazing work being undertaken within our film sector. The industry in Ireland has seen great success in recent years and Irish production companies and talent have been consistently at the forefront of the conversation internationally when it comes to some of the biggest awards the industry has to offer. This has been a great source of pride for Ireland and I believe the recent changes to section 481 will help us capitalise on this recent success and further promote Irish culture internationally and enhance our reputation as a centre of excellence for screen production.”
Minister Martin said:
“The Government recognises the enormous success of the Irish screen industry to date, and the economic and cultural power that this sector produces both at home and abroad. The industry’s resilience, innovation and mettle has been proven over years of growth – both in terms of achievements and challenges. Section 481 Film Relief has been a cornerstone of the Irish screen industry since its implementation. Its legacy speaks for itself both in terms of discovering and supporting new Irish voices, as well as showcasing Ireland’s power as an international partner and a cultural force across film, television and animation. The value of the overall Section 481 skills process to Ireland's film production sector ensures that there is a pipeline of skilled talent to support both indigenous and incoming production in a sustainable way.”
Désirée Finnegan, Chief Executive of Fís Éireann/Screen Ireland said:
“The Irish screen industry's success in recent years has showcased the calibre of artistry and craft from all the creative professionals working across the sector. The industry has developed over many years of sustained investment, supporting the expression of Irish culture, language and heritage on screen. Ireland has also become a global production hub, attracting large-scale international projects that generate significant employment and skills development opportunities. We would like to thank Minister Martin and Minister McGrath for their steadfast support of the industry, ensuring its continued success into the future.”
Notes for the Editors
Section 481
The Scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of Irish and European culture.
The scheme provides relief in the form of a corporation tax credit related to the cost of production of certain films. The credit is granted at a rate of 32% of the lowest of:
• eligible expenditure
• 80% of the total cost of production of the film
• €125 million
The minimum amount that must be spent on the production is €250,000 and the minimum eligible expenditure amount to qualify is €125,000.
Eligible Expenditure Cap
Finance (No.2) Act 2023 provided for an increase to the cap on eligible expenditure in Section 481 from its current level of €70m to €125m per project.
The increase was subject to approval by the European Commission in line with existing State aid rules. This approval was received in March 2024 and the legislation is effective from the 28th of March 2024
Extension to 31 December 2028
Finance Act 2022 provided for the extension of Section 481 to 31 December 2028.
The relief was scheduled to be closed to new applicants on 31 December 2024. The extension was subject to approval by the European Commission. This approval was received in March 2024.