Taxes Consolidation Act 1997 Schedule 32 paragraph 22

Relief for Investment in Films in Respect of Certain Sums

Schedule 32 paragraph 22 set out transitional arrangements for the film investment relief under section 481, following changes introduced by the Finance Act 1996 and Finance Act 1997, including grandfathering of certain pre-existing investments, reduced relief rates, and lower corporate investment caps.

• Investments made in the 12-month period ending 22 January 1997 were subject to a reduced overall cap of €7,618,428.47 instead of the standard €10,157,904.63, with further reduction for amounts grandfathered under the former rules.
• Sums paid between 23 January 1996 and 31 March 1996 for shares in a qualifying company continued to be governed by the former film relief rules, provided the Minister had received the certification application before 23 January 1996.
• Where the former rules applied but the Minister had not received the certification application before 23 January 1996, relief was restricted to 80 per cent of the investment rather than the full amount.
• Before 26 March 1997, the corporate investment limit per film was €2,539,476.16, rising to €3,809,214.24 for investments made on or after that date.