Ireland Boosts Tax Relief
THE value of tax relief for investment in films and TV in Ireland will increase after 2015 from 28% to 32%.
Ireland’s minister for arts Jimmy Deenihan announced the hike February 15 on the Dublin set of Lenny Abrahamson’s Frank. Section 481, a tax credit that has been an integral part of a long-term plan on the part of the Irish government to bring in more film and TV production and increase the IP of Irish production companies, has also been extended to 2020.
Frank is expected to spend Euro 5 million ($6.7 million) on jobs and local services in the territory. Starring Michael Fassbender, Domhnall Gleeson and Maggie Gyllenhaal, the Irish-UK co-production is supported by The Irish Film Board and Section 481.
In 2012, the Irish film, TV and animation industry contributed more than $267 million to the Irish economy in spend on jobs and services, Variety reports. Among recent productions filmed in Ireland are Vikings and Ripper Street, with spends respectively, of $32.7 million and $14.4 million.