Financing your Film / Tax Incentives /

Section 481

SECTION 481, EXISTING TAX INCENTIVE FOR FILM AND TELEVISION

What is Section 481?

Section 481 is an "investor based" tax incentive for film and television made in Ireland.

What types of projects qualify?

The incentive applies to feature film, television drama, animation (feature film and television) and creative documentary. 

How much is the Section 481 benefit worth?

Projects can derive a benefit of up to 28% of their qualifying expenditure, and up to 30% on projects with an eligible expenditure level in excess of €30m.  

What constitutes qualifying expenditure?

The benefit is based on the cost of EU cast and crew working in Ireland, and goods and services purchased in Ireland, up to a maximum value of 80% of the global budget.  

When is it paid?
The Section 481 net benefit is made available to the production on the first day of principal photography or on the financial closing of the film. The incentive is guaranteed until December 2020.  

Is there a cap on the amount of Section 481 that can be raised?
Yes, there is a ceiling of €50m on qualifying expenditure per project.  

Explain how it works from the foreign producer's point of view.
The foreign producer usually teams up with a local Irish producer. An application is made to the Irish Revenue Commissioners for a Section 481 certificate. The issuance of this certificate allows the Section 481 finance to be raised.

FROM 2015

IRELANDS NEW 32% INCENTIVE

What is New Section 481?
From a date to be fixed in 2015, and subject to EU approval, the Section 481 film and television tax incentive is amended with the effect of creating a new tax credit program offering  up to 32%.

How does it work?

The new incentive program provides a production company that falls within the Irish tax net with a tax credit based on Republic of Ireland expenditure on film and television activities in connection with a qualifying project. The credit is paid by the Irish Revenue Commissioners. It amounts to up to 32% of qualifying expenditure, on up to 80% of a project's budget. 

What constitutes qualifying expenditure?

The benefit is based on the cost of ALL cast and crew, regardless of nationality, working in Ireland, and goods and services purchased in Ireland, up to a maximum value of 80% of the global budget.

 

For more information on the new incentive and for any queries, please contact s.481relief@revenue.ie 

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