independent

Sunday 20 April 2014

It could be a wrap for film and TV projects if Noonan ends tax breaks

COSTUME DRAMA: Gabriel Byrne and Jessalyn Gilsig in ‘Vikings’, which is filmed here — such productions may dry up

Finance Minister Michael Noonan was warned that the days of home-grown Irish films and television series such as The Tudors and Vikings could be numbered if he replaced Section 481 film tax breaks with tax credits for film producers.

The warnings – which were made by key players in the film industry – came ahead of Noonan's announcement last December that from 2016, a new tax credit model that gives tax credits to film producers would start to replace Section 481. Some in the film industry are concerned that film producers would find it hard to raise money under the tax credit model and that banks could cherrypick the films they provide finance for; only funding "Hollywood studio-type projects".

A spokeswoman for the Department of Finance said it was "committed" to ensuring that the tax credits would be "paid at a time that will meet the financing needs of film production in a manner, that will also protect and safeguard the interests of taxpayers".

Irish Independent

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