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• W788473462 abstract "I propose to extend the film tax relief scheme to 2020; reform the operation of the scheme by moving to a tax credit model in 2016 so as to ensure better value for taxpayers' money and eliminate the need for high income investors to provide the funding for the scheme; and enhance the scheme so as to make Ireland even more attractive for foreign film and TV productions. These changes will rectify the anomaly by which investors received a disproportionate amount of the tax relief as opposed to the funds going to production. (Michael Noonan, Minister for Finance, introducing the 2013 Budget on December 5 2012). Since 1993, Section 481 of the Finance Act has been a key element of Irish film policy. Introduced in the 1987 Finance Act, the tax break for investments in film and television production initially generated unspectacular results, raising just IR2.3m [pounds sterling] per annum in the five years up to 1992. However, the 1993 decision to amend the tax break to make it available to individual investors (having previously been the exclusive province of corporations) opened the floodgates: in 1993 IR11.7m [pounds sterling] was raised, a figure which shot to IR42.5m [pounds sterling] in 1994 and which continued to climb through the 1990s and 2000s. As early as 1995, the idea that the survival of the Irish film industry depended upon the retention of Section 481 had become an article of faith for the entire Irish film industry. Despite this, the demise of Section 481 has been foretold on a number of occasions over the past few decades. The most serious threat came in December 2002, when the then Minister for Finance, Charlie McCreevy, announced that the tax break would not be extended beyond 2004. In this regard, he was influenced by the deliberations of the Tax Strategy Group within the Department of Finance which from 1999 onwards had argued that Section 481's retention could no longer be justified on the basis that it was supporting an infant industry. McCreevy's announcement prompted a year-long campaign co-ordinated by Screen Producers Ireland (with the support of the Department of Arts, Sports ands Tourism), which argued that Section 481 was a key element of the Irish audiovisual financial infrastructure without which large-budget overseas productions in particular would have little incentive to contemplate shooting in Ireland. Even the MPAA Head, Jack Valenti, when visiting Ireland in October 2003 was pressed into service to call for the retention of the tax break: I do not pretend to give advice to prime ministers but in this modern world not to have a film tax incentive is to leave a country impotent ... If you repeal this you leave Ireland barren. Duly impressed, in December 2003, McCreevy not merely reversed his decision but granted an extension of at least five years to the operation of the Tax Break and increased the ceiling on the amount of Section 481 money which could be invested in individual projects. However, we live in different times. As Ireland enters the fifth successive year of recession, all state expenditures and tax reliefs have been subjected to close scrutiny. When the Special Group on Public Service Numbers and Expenditure Programmes (better known as the McCarthy Report after its chairman), submitted its report in Autumn 2009, it identified potential savings of over 20m [euro] by transferring the functions of the Irish Film Board to Enterprise Ireland, effectively abolishing the Board. That recommendation was not followed through but, like every other state body, the IFB has seen its funding whittled away since then. Having received 20m [euro] in capital funding in 2008, this figure has fallen by 41% to 11.89m [euro] for 2013. In this context, and given that the annual cost to the state of Section 481 relief had grown to almost 50m [euro] by 2011, the break was unlikely to escape further scrutiny. In May 2012, the Department of Finance published a consultation paper, the framing of which must have raised concern within the film industry. …" @default.
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• W788473462 title "Whither Now for Section 481" @default.
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