Finance Act, 2000

Amendment of section 481 (relief for investment in films) of Principal Act.

48.—(1) The Principal Act is amended in section 481—

(a) in subsection (1)—

(i) by the substitution for the definition of “qualifying company” of the following definition:

“ ‘qualifying company’ means a company which—

(a) (i) is incorporated and resident in the State, or

(ii) is carrying on a trade in the State through a branch or agency,

(b) exists solely for the purposes of the production and distribution of only one qualifying film, and

(c) does not contain in its name—

(i) registered under either or both the Companies Acts, 1963 to 1999, and the Registration of Business Names Act, 1963 , or

(ii) registered under the law of the territory in which it is incorporated,

the words ‘Ireland’, ‘Irish’, ‘Éireann’, ‘Éire’ or ‘National’;”,

(ii) by the substitution for the definition of “qualifying period” of the following definition:

“ ‘qualifying period’, in relation to an allowable investor company and a qualifying individual, means the period commencing on 23 January 1996, and ending on 5 April 2005;”,

and

(b) by the substitution for subsection (2)(c) of the following:

“(c) The specified percentage shall not exceed—

(i) where the total cost of production of the film does not exceed £4,000,000, 66 per cent,

(ii) where the total cost of production of the film exceeds £4,000,000 and does not exceed £5,000,000, the amount per cent (in this subparagraph referred to as the ‘allowable percentage’) where the amount of the allowable percentage is determined by the formula—

66

-

(11 x E)

£1,000,000

where E is the excess of the total cost of production of the film over £4,000,000, and

(iii) where the total cost of production of the film exceeds £5,000,000, 55 per cent;

but, in any case to which subparagraph (i), (ii) or (iii) relates, the total cost of production of the film which is met by relevant investments shall not exceed £8,250,000.”.

(2) This section shall have effect from such day as the Minister for Finance may appoint by order.