Jimmy Deenihan
Question:106 Mr. Deenihan asked the Minister for Finance the number of films that have benefited to date under section 35 of the Finance Act, 1987; and the amount of relief involved to date.
Written Answers. - Film Industry Tax Relief.
I have been advised by the Revenue Commissioners that they are aware of £11.5 million under section 35 having been raised by the film industry in respect of 17 films in the period to mid-February last. Tax relief would represent approximately 40 per cent of that amount.
As it is not necessary to obtain approval centrally from the Revenue Commissioners for section 35 investment in film projects the full information requested is not available and could not be obtained without undertaking enquiries which could be carried out only at a disproportionate cost.
With the extension of section 35 to individuals in the 1993 Finance Act, a system of recording relief similar to that in operation under the Business Expansion Scheme was introduced. At this early stage no worthwhile results are available.