Trevor Sargent
Question:185 Mr. Sargent asked the Minister for Finance the possibility of increasing tax relief on film investment from its current level of 80 per cent to the restoration of the full level of relief. [23391/97]
Written Answers. - Tax Reliefs.
John Gormley
Question:187 Mr. Gormley asked the Minister for Finance his views on increasing tax relief on film investment to its former level. [23378/97]
I propose to answer Questions Nos. 185 and 187 together.
The reduction in tax relief from 100 per cent to 80 per cent of the qualifying investment in films was introduced in the 1996 Finance Act following an extensive review of the section 35 film relief by an independent consultant. The reduction to 80 per cent relief for investors was balanced by several improvements to the relief in terms of increased limits for corporate investment and reduction in the holding period for the investment in films for capital gains tax purposes from three years to one year. The section 35 relief, which now includes several new modifications introduced by the 1997 Finance Act with regard to the levels of finance which can be raised in respect of a film, corporate investors' investment limits and an incentive for post-production in the State, is specifically designed to be cost efficient from the Exchequer point of view, while at the same time assisting film production in Ireland.
Seán Haughey
Question:186 Mr. Haughey asked the Minister for Finance if he will introduce tax relief at the standard rate on up to £2,000 initially; if so, when he will introduce this tax relief as recognition for married people who stay at home to care for their children and who do not get State benefit other than child benefit; if this will be payable as a refund directly to the person at home; and if he will make a statement on the matter. [23160/97]
As I said in my budget statement, it is not possible to introduce all the new measures one would wish in a single budget. The question of a tax relief for those caring for children in the home will be reviewed for next year's budget in the light of the reports of the Working Group on Child Care set up under the Partnership 2000 and from the Household Review Group and the Commission on the Family set up by the previous Government.