Courtesy of RTE.
Ardmore Studios and Troy Studios have welcomed the expansion of Section 481, the tax break for the film and television sector in Ireland, in this year’s budget.
Co Wicklow’s Ardmore Studios was established in 1958 and been home to acclaimed TV series including The Tudors, Penny Dreadful and Moone Boy, and films such as Byzantium, Run and Jump and Frank.
The Section 481 tax credit will be significantly expanded under a measure announced in the budget in a move that is likely to be of significant value to the sector.
Previously, the credit offered a 32% corporation tax credit on qualifying expenditure for films or television productions made in Ireland, up to a limit of €70 million per project. The cap has now been raised to €125 million, with the change expected to come into effect in early 2024.
Elaine Geraghty, the Managing Director of Ardmore Studios and Troy Studios has said the tax relief will help attract major global TV and film productions to Ireland.
“The Budget 2024 announcement that the current project cap on qualifying expenditure within the Section 481 Film Tax Credit will rise to €125 million is very much welcomed,” she said in a statement.
“This decision will help enable us to compete for major global tent pole film and TV titles, while building upon the industry and country’s reputation as a highly desired international location for film and television production.”
She continued: “This will directly influence the creation of thousands of highly skilled jobs across all aspects of production.
“With today’s announcement we become more globally competitive to attract major high-end television and film productions, bringing valuable inward investment to Ireland.
“We also warmly welcome the Government’s commitment to engage with the European Commission to develop an incentive for the unscripted sector, a long-standing, yet growing content sector and such an incentive will encourage more international production companies to look to Ireland as their hub.”