Cork in the frame for major TV and film projects

Investors are being lined up amid hopes Cork is set to land a leading role in several TV and film productions.

The Irish Examiner has also learned that the first private film and TV studio in the South of Ireland, as well as a separate sound post-production studio, are due to open in the city within weeks.

Both facilities, which are being developed by separate backers, will be based in the Marina. The warehouse-based studio will be able to accommodate TV ad and music video shoots, as well as TV and film dramas.

It is against this backdrop that the Cork Screen Commission (CSC) and the industry body Southern Screen Professionals (SSP) have invited potential investors to an investment seminar on Monday to brief them on what is in the pipeline, including:

* A gritty new drama series called Hunter about a female PSNI officer seconded to the gardaí, which will be shot on the streets of Cork;

* A feature film likely to be shot in Fort Camden in Crosshaven;

* A part US-funded biopic about a famous landscape gardener who worked with Britain’s royal family which will be shot at various locations across West Cork.

It is understood the giant US network HBO is close to making a decision on shooting a 20-week TV series based in the 1970s in Cork.

All projects could be in production within 12 months.

CSC and SSP, which are working behind the scenes to bring the productions to Cork, hope Monday’s seminar will demystify the process of investing in films and television, and explain how the Government’s section 481 tax incentive scheme works.

Arts Minister Jimmy Deenihan and section 481 expert John Gleeson of Horwath Bastow Charleton Accountants will address the event. Mr Gleeson’s firm has been involved in the financing of 39 film or TV projects since 1991, all of which have been 100% successful in terms of delivery and the availability of 481 tax relief.

Mr Deenihan said there has never been a better time for film or TV production in Ireland, with section 481 paying a critical role.

“Film and television production in Ireland translates into increased international investment in the Irish economy, increased employment and positive spin-off effects for promoting Ireland as a tourism destination.”

Niall Mahoney, Cork Screen Commissioner, said investing in films and television production, if managed properly, is a very attractive and relatively low-risk investment opportunity for business people and companies.

“Figures from Ibec show that the industry is growing here in Ireland, particularly in television, and there is no reason why Cork cannot play a good part in that development,” he said.

“We have the creative people, the skilled crew and the canny investors here in Cork — all we need to do is bring them together and we could see this valuable source of income and jobs take off,” he said.

The seminar takes place in the Clarion Hotel in Cork at 2.30pm on Monday. Potential investors can contact CSC [e-mail] or SSP at [e-mail].

What is section 481?

* Section 481 is a special tax relief aimed at film and TV production. Relatively low-risk, it provides an immediate return to investors in less than 12 months.

Typically, an investor will generate a return of €3,800 by investing €16,700 on day one of a production and receiving a tax refund of €20,500 in less than 12 months.

The relief is administered by the Revenue, which must certify each eligible project before the investment can be secured.

Tax relief is available when certain conditions are met and essentially when the film is delivered to the producer.

The success of the film at the box office or on DVD release does not impact on the availability of the tax relief or the level of return that the investor will receive.