Pearse Doherty
Question:64. Deputy Pearse Doherty asked the Minister for Finance if he intends to extend Film Relief but take individual investors out of the relief scheme from 2016 as outlined in Budget 2013. [39889/13]
View answerWednesday, 25 September 2013
Questions (64)
Written answers
As the Deputy rightly points out, in Budget 2013 I announced a number of changes to the existing scheme for film relief which was contained in Section 481 of the Consolidated Taxes Act 1997. The legal provisions required to enact those changes were contained in Finance Act 2013. Those changes will take effect from 1 January 2016. The changes to Section 481, which were enacted in response to a comprehensive cost benefit analysis by my Department, will mean that the tax benefits will, from 2016 onwards, accrue to the film producers rather than individual investors as has been the case. This type of arrangement is regarded as an international standard and is used in many jurisdictions.
The new arrangements are also expected to result in savings for the Exchequer.
The operation of the film relief scheme is kept under regular review by my Department in conjunction with the Department of the Arts, Heritage and the Gaeltacht.