Will investors in Section 481 find a new home?
Minister for Finance Michael Noonan's last two budgets effectively put paid to the lucrative Section 481 tax relief scheme for individuals investing in Irish film and television productions, writes Barry J whyte.
Section 481 has been very attractive, as Revenue figures show. In the past five years, an average of 3,000 people availed of it annually, with total film investments amounting to nearly €100 million in 2008, €102.5 million in 2009, €159.1 million in 2010, €111.4 million in 2011 and €142 million in 2012. So far in 2013, the provisional rate of investment, according to Revenue, is €97.4 million. Each year's investme nt equals a similar amount of tax relief given to investors.
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