Animation Ireland welcomes new Film Regulations to support further development in the audio visual sector and the extension of 481 to 2024

Animation Ireland are pleased to welcome the new Film Regulations to support further development in the audio visual sector alongside the extension of the Section 481 tax incentive from 2020, to 2024.

The Minister for Culture, Heritage and the Gaeltacht, Josepha Madigan TD and the Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD today welcomed new film regulations made by the Revenue Commissioners, aimed at supporting broader regional development of the audio-visual sector in Ireland.

The Regional Film Development Uplift, announced as part of Budget 2019, will be available to productions being substantially undertaken in “assisted regions” which means areas designated as such under the regional aid map. In addition, to qualify for the relief, producer companies will be required to show that training and skills development opportunities are provided to individuals habitually resident in the area and that such training will address a skills deficit in the area.  The regional uplift will be phased out on a tiered basis over 4 years with 5% additional tax credit available in 2019 and 2020, 3% in 2021, and 2% in 2022, reducing to 0% from 2022 on.

European Commission approval has also been received to extend the Section 481 Film tax credit. The credit will be extended for 4 years, from its original end date of 31 December 2020 to 31 December 2024.  This will provide certainty for production companies regarding the future availability of the credit and helps to ensure the Irish film industry continues to grow.

Minister Madigan said, “Both these measures are further important steps in support of this Government’s ambition to make Ireland a global hub for the production of Film, TV Drama and Animation. These new regulations will support creative talent in Ireland and help to develop a vibrant creative audio-visual sector throughout the country. The Regional Uplift also contains measures that oblige production companies to make training and skills development a key part of their projects, ensuring our film industry will benefit from the additional activity long after these productions have concluded.”

“The extension of the Section 481 credit until 2024 provides certainty for film production companies on the future availability of the credit, ensuring the continued growth of our film industry. It is a key recommendation in the Audiovisual Action Plan, the industry-wide, long-term plan, under the Creative Ireland Programme. “

Source: News; Department of Culture, Heritage and the Gaeltacht