Revenue Unveil New Film Tax Relief

January 14, 2015

Revenue have today announced guidelines for the new Corporation Tax relief scheme for film production.

This replaces the old, and highly successful, Income Tax relief that was previously available to individuals. The Minister for Finance announced the abolition of that particular relief in a recent Budget.

Corporation Tax relief for films

The aim of the new scheme is to direct the benefits of the tax relief towards the producer of a qualifying film rather than towards its investors.

The new scheme grants corporation tax relief at a rate of 32% of the lowest of:-

  1. eligible expenditure (as defined below)
  2. up to 80% of the cost of production
  3. €50,000,000.

A minimum production spend of €250,000 applies. At least half of that amount must be spent on eligible expenditure, which is defined as:

the employment of eligible individuals or on goods, services or facilities within the State on the production of a qualifying film.”

It is possible for applicants to receive up to 90% of the relief in advance of completion of the film.

The new scheme guidelines are online here.


LPT Panic As Revenue Push Deadline to Friday

January 7, 2015

Revenue have just announced that today’s Local Property Tax (LPT) deadline has been extended to 4pm on this Friday, 9 January.

It seems the deadline is  causing quite a degree of panic among the public.

The Revenue LPT helpline has received 80,000 calls since Monday, and Revenue are now receiving almost 8,000 payment notifications per hour.

Now, who had the bright idea of having a tax deadline so soon after Christmas?

Smart guy

Here’s more on the LPT deadline.

If you’d like a professional to file your LPT payment notification, call us at +353 (0)49-8549966 before Friday.

Alternatively email tax@mcgibney.com with your phone number & we’ll call you.


Tomorrow is 2015 LPT Deadline Day

January 6, 2015

Tomorrow, 7 January, is the deadline for paying your 2015 Local Property Tax (LPT) bill for 2015.

Tomorrow is also the deadline if you wish to commit to pay your LPT by automatic debit from your bank account, or Single Debit Authority.

Under this method, your payment will be deducted from your bank account on 21 March 2015.

The simplest and easiest way to pay your LPT is online.

Revenue LPT Online screen 2015

To do this, you will need your PPS number, along with your Property ID and PIN.

You can locate your Property ID and PIN on the LPT reminder you should have received from Revenue in October, or on your LPT records from last year.

Once you’ve logged in, the process of paying your LPT is very straightforward, and should take you no longer than 5 minutes.

The deadline for paying LPT on a phased basis for 2015 has now passed, and this option is no longer available.

The Revenue website contains a wealth of information and advice on all aspects of Local Property Tax.