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BUDGET 2011 & FILM FINANCE

Taoiseach aspirant and minister for culture Mary Hanafin has lobbied her colleague Brian Lenihan to extend tax breaks for investment in film production in Tuesday’s Budget, The Sunday Business Post reports.

Hanafin has looked for the retention and extension of the Section 481 relief, which allows people to invest up to €50,000 on movie production and claim 100% tax relief on that investment.

The scheme was due to end in 2012, having been extended since 2008, but has proved very popular and is credited with supporting productions such as Camelot, a series that is being shot in Wicklow.

Eighteen films and 46 TV series received funding under the scheme last year. A total of €99.9m was invested in 2009, giving investors a tax benefit of €40.9m.

It is understood, the newspaper says, that the government was considering extending the scheme to the computer gaming industry but this is now unlikely to happen.

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