Dáil Éireann debate -
Tuesday, 14 May 1996

Vol. 465 No. 3

Written Answers. - Section 35 Tax Relief.

Seamus Brennan

Question:

87 Mr. S. Brennan asked the Minister for Finance the number of persons or companies who have obtained tax relief under section 35 of the Finance Act, 1987; the total cost to the Exchequer of tax foregone in this period; the estimated cost of tax foregone in 1996/1997; and if he will make a statement on the matter. [9430/96]

Minister for Finance (Mr. Quinn)

I am informed by the Revenue Commissioners that the information sought is not available for years prior to the income tax year 1993-94. The most recent relevant information available on tax relief for the film industry under section 35 relates to applications approved to December 1995 in respect of the income tax years ending on 5 April 1994, 1995 and 1996, and is as follows:

Year Ended 5 April	Number of individuals obtaining relief	Number of companies obtaining relief	Estimated cost of tax relief
			£million
1994	1673	29	18.5
1995	2404	36	27.1
1996	653	11	9.9

These figures are based on applications approved at December 1995 and are subject to adjustment on receipt of further applications, especially in respect of the most recent year. The numbers given in the table include repeated counts of some individuals and companies who invested in different films within their statutory limits.

The cost of the tax relief in 1996-97 will depend on a number of factors such as the ongoing level of investment in the film industry and the number of successful applications which are approved in the year. It is not possible at this stage to predict those factors.