Irish Revenue has issued eBrief No. 036/21 concerning updates to its guidance on the operation of the Section 481 Film Corporation Tax Credit. Revenue has also issued eBrief No. 038/21 concerning updates to the guidance on film withholding tax to reflect that the tax now applies to UK resident artistes following the end of the Brexit transition period.

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Revenue eBrief No. 036/21 Film Tax Credit (Section 481) - Finance Act 2020 amendments

Tax and Duty Manual Part 15-02-04 provides guidance on the operation of the Section 481 Film Corporation Tax Credit. The credit is available to qualifying film producer companies in relation to projects certified by the Minister for Tourism, Culture, Arts, Gaeltacht, Sport and Media,

The manual is updated following amendments in Finance Act 2020 to reflect:

• the extended availability of the highest (5%) rate of Regional Film Development Uplift for claims made on or before 31 December 2021, and
• the tapered Uplift rates of 3% and 2% being now available in 2022 and 2023 respectively.

It also contains additional clarification in section 2.3.3 on the accounting periods for making a claim including updated examples.

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Revenue eBrief No. 038/21 Film Withholding Tax - Brexit update

Tax and Duty Manual Part18-01A-01 has been updated to reflect that Film Withholding Tax now applies to UK resident artistes following the end of the Brexit transition period.