Film and TV productions share €127m in tax credits last year
Revenue's Of Pope's Russell Availed Exorcists' Which In Ireland Tax The In Credit Was Crowe Filmed 'the Starred Scheme And
New movies starring Liam Neeson, Kerry Condon, Sarah Greene, and Russell Crowe were some of the big winners in the Revenue Commissioners’ Section 481 film corporation tax credit scheme for the Irish movie and TV production sector last year.
Figures provided by Revenue show that payments of €127.3m were made last year under the scheme, which aims to promote investment in film.
The 2022 figure was a €9.8m drop on the €137.1m value of tax credits in 2021.
Wild Atlantic Pictures Ltd’s starring Russell Crowe was able to avail of corporation tax credits between €7m and €10m.
The movie is based on real-life figure, Fr Gabriele Amorth, a priest who acted as chief exorcist of the Vatican and Crowe, who plays Fr Amorth, was pictured filming on the grounds of Trinity College Dublin last August.
The firm also availed of tax credits of €5m to €10m for its productions and .
Grand Canal Productions Ltd’s thriller , starring Liam Neeson, Kerry Condon, and Sarah Greene availed of corporate tax credits of €2m to €5m. The movie — which also stars Ciaran Hinds and Colm Meaney — was filmed in Donegal last year.
The figures also show that Metropolitan Films International Ltd received corporation tax credits of between €2m to €5m for during the year.
The only production that availed of tax credits in the €10m to €30m range during 2022 was the second series of Netflix’s .
The multi-award-winning Brown Bag Films Unlimited received corporate tax credits between €1m to €2m for and tax credits of between €1m to €2m for .
On the tax credits, the Revenue spokesman said: “These payments are a combination of first stage 90% credit claims which can be made in advance of or during the making of the film project, and balancing payments which can be claimed after a project is completed.
“The total value in each year represents this mix of payments — 90% and balancing — for films certified from 2015 to 2022.”
A Dept of Finance Cost Benefit Analysis (CBA) on the Section 481 film corporation tax credit has recommended the extension of the scheme prior to its current expiry of the scheme in December 2024 to provide certainty to the Irish audio-visual industry regarding the availability of the relief.
The report states that the number of full-time employees on Section 481-backed productions in 2021 increased to 3,265 with almost 41% employed in animation and a further 38.5pc in TV dramas.
The report states that overall, the estimated cost of the credit from 2015 to 2021 was approximately €604m.
The report states that while the CBA finds the net economic impact of Section 481 to be -€78.54m, it states that regard should be had for the intangible cultural value of the relief when the impact of the tax measure is considered.