S.I. No. 258/2000 - Finance Act, 2000 (Section 48) (Commencement) Order, 2000.

I, Bertie Ahern, Acting Minister for Finance, in exercise of the powers conferred on me by section 48 (2) of the Finance Act, 2000 (No. 3 of 2000), hereby order as follows:

1. This Order may be cited as the Finance Act, 2000 (Section 48) (Commencement) Order, 2000.

2. The 20th day of July, 2000, is hereby appointed as the day on which section 48 of the Finance Act, 2000 (No. 3 of 2000), shall come into operation.

Explanatory Note

(This note is not part of the Instrument and does not purport to be a legal interpretation)

This order appoints the 20th day of July, 2000 as the date for the coming into operation of section 48 of the Finance Act 2000 . This section amends section 481 of the Taxes Consolidation Act, 1997 which provides for tax relief for investment in films by extending the relief to investments made up to 5 April 2005. The relief was also amended

• by increasing the amount of the maximum funding eligible for tax relief by 10 per cent,

• abolishing the special uplift of that funding which was available for winter projects and projects where post-production was carried out in the State,

• by removing the statutory limit to the amount of section 481 funding which can be raised where the work on production of the film carried on in the State is less than 50 per cent,

and

by extending the definition of qualifying company (i.e. the company which produces the film) to include a company incorporated or resident outside the State but which is carrying on a trade in the State through a branch or agency.