Film Relief — New Regulation Made

The Revenue Commissioners have recently made new Film Regulations entitled Film Regulations 2008 (S.I. No. 357 of 2008) which replace the Film Regulations 2004 (S. I. No. 869 of 2004). The new regulations come into effect on 12 September 2008.

The new Regulations incorporate the administrative arrangements that have applied from 1 January 2005. These arrangements are already provided for in Guidance Notes issued in October 2005 and July 2006 in relation to the scheme.

The arrangements also require the Minister for Arts, Sport and Tourism to issue an authorisation to the Revenue Commissioners, before any certificate is issued, that the film involved is within certain eligible categories and satisfies certain criteria.

The new Regulations give legal certainty to Revenue's practice of requesting the submission of specific information currently contained in guidelines, and for the provision of more detailed certification by the auditors of the qualifying company.

The following guidance notes have been updated accordingly:

1. Guidance Note for Film Producers and Promoters on The Certification of Qualifying Films, Under “Section 481”-Tax Relief Incentive for Investment in Films.
2. Guidance Note for Film Producers and Promoters on Post Certification Requirements For Qualifying Companies Under “Section 481”-Tax relief incentive for investment in film

It should be noted that both guidance notes include new forms for completion.

Full details of the changes are contained in the new Regulations.