Michael McGrath (Cork South Central, Fianna Fail)
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Ireland’s long-standing section 481 film tax credit provides relief in the form of a corporation tax credit related to the cost of production of certain audio-visual productions. The scheme is intended to act as a stimulus to the creation of an indigenous film industry in the State, creating quality employment opportunities and supporting the expression of Irish and European culture.

Currently, the credit is granted at a rate of 32% of the lowest of:

• eligible expenditure,
• 80% of the total cost of production of the film, and
• €125 million, increased from €70 million in Budget 2024.

I provided for the increase in the section 481 project cap in Budget 2024 to support the competitiveness of our audio-visual sector in terms of attracting high value productions to Ireland and to further Ireland’s reputation as a centre of excellence for screen production.

I have been made aware, by industry stakeholders and by my officials, that recent changes have also been made to the UK’s supports for film productions. The Deputy will be aware that it is a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions.