Friday 20 April 2018

Irish movie and TV productions get €43m in tax breaks

Horror series Penny Dreadful has benefited from the scheme Photo: Showtime
Horror series Penny Dreadful has benefited from the scheme Photo: Showtime
Samantha McCaughren

Samantha McCaughren

Payments by the Revenue Commissioners to film and television production companies totalled €43.2m in 2016, according to new figures.

Among the productions which benefited from the scheme, which has been enhanced to appeal to large-scale productions, were horror series Penny Dreadful, RTE drama series Rebellion and Netflix's The Siege of Jadotville. Over 70 productions availed of the scheme.

Under the old section 481 scheme, tax relief was available for individuals investing in qualifying films and television programmes. In the last year of the operation of the scheme, the cost to the Exchequer was just under €105m.

Direct support is now given to the producer companies in the form of a corporation tax credit to the company.

In 2016, the cap on availing of the tax incentive was raised to €70m in a bid to appeal to big-budget productions.

Last year was a landmark year for the Irish Film Board (IFB) as its projects achieved record global box office figures and production activity in Ireland surpassed €250m for the first time.

During 2017, the IFB will embark on an international advertising campaign to promote Ireland as a location for production with a focus on North America.

Upcoming productions include Stephen Burke's Maze with Tom Vaughan-Lawlor and Barry Ward.

Animation continues to be a vibrant sector and new productions include Nora Twomey's animated feature The Breadwinner.

Sunday Indo Business

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