Screen Producers Ireland welcomes extension to Section 481 tax incentive in Budget 2023

DUBLIN, Tuesday, 27 September 2022: Screen Producers Ireland (SPI) welcomes the news that the Section 481 tax incentive has been increased in 2028, as called out in today’s Budget announcements. As the representative body for independent producers in Ireland, SPI had advocated for several financial measures that would provide for a more sustainable sector for members, their work, and the employment they provide, including the extension of Section 481.

Section 481 is one of the most crucial incentive schemes for independent producers in Ireland, which provides much-needed tax relief for eligible productions. SPI welcomes the important extension announced as part of Budget 2023, which extends its availability until 2028. This extension provides much-needed clarity for independent producers seeking to undertake long-term production planning.

Susan Kirby, CEO at Screen Producer Ireland said, “With the help of Section 481, independent producers create culturally rich content across feature film, TV drama, animation and creative documentary. Our position on this important tax incentive has been to secure certainty of its extension beyond 2024. We’re delighted to see this extension, which will provide our members with the clarity they need to develop future projects and plan for the future.

The Government has shown us today, through the extension of S481 to 2028, that it realises the potential of international and indigenous production here in Ireland. I know that our producer members, crew and casts will create the world-class, award-winning content that we have the ability to do.

What has not been included in this announcement, unfortunately, is an extension of the regional uplift, which proved very valuable in bringing productions out of Dublin / Wicklow hub. We’re disappointed that this hasn’t yet been extended and is something SPI will continue to advocate for.”

Screen Producers Ireland will continue to monitor Budget announcements related to the AV sector across the coming days.

ENDS.