Revenue Tightens 481

The Sunday Business Post reports that the Irish Revenue Commissioners has set tighter regulations for companies that want to use the Section 481 tax relief in the production of television and film.

Revenue has traditionally requested information from producers before a film is made. However, there was no legal requirement for film producers to hand over certain information.

This has now been changed, and the new regulations "give legal certainty to Revenue's practice of requesting the submission of specific information currently contained in guidelines," according to a statement from the Revenue Commissioners.

The guidelines also require the "provision of more detailed certification by the auditors of the qualifying company".

Applications for Section 481 tax relief must now be made 21 days before production is due to begin.

Section 481 relief was meant to finish at the end of this year, but was extended until the end of 2012 in the last finance bill. Individuals may invest up to €31,750 annually, with a minimum of €250.

Tax relief on 80 per cent of their investment is available to individual and corporate investors.