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— | ||||||||
| ||||||||
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. |