The silver screen: film firm gets €63m tax credits

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A locally based film company has received €63 in tax breaks from the Revenue Commissioners and then used the money to shoot blockbusters such as Vikings and Into The Badlands.

New accounts filed by Metropolitan Films International Ltd and subsidiaries show that the group last year received corporation tax credits of €25.48m under section 481 relief.

The tax credits received last year went towards the production of series six of Vikings and series three of Into the Badlands.

The accounts show that revenues at the business last year increased by 36% from €90m to €122.6m.

The business is led by Ronan Flynn and James Flynn of Octagon Films which made Love/Hate and The Borgias.

Staff costs at the business last year totalled €39.79m.

The average number of employees of the group for the year was 1,287 compared to 786 in 2017.

The corporation tax film credit of €25.47m resulted in the firm recording a modest post tax profit of €48,131.

The €25.48m received in corporation tax credits last year represent a sizeable portion of the movie and TV production tax credits paid out last year by Revenue.

According to Revenue figures, productions firms last year lodged claims seeking corporation tax credits totalling €95m – double the amount claimed in 2016.

Meanwhile, upcoming supernatural horror film which was shot in Killruddery House and Estate last year, is to be released next year.

Executive producer Steven Spielberg flew into the area in February 2018 – as exclusively revealed by the Wicklow Voice – to oversee the shoot.  It will star Mackenzie Davis, Finn Wolfhard of Stranger Things, Brooklynn Prince, and Joely Richardson.

The film is scheduled to be released on January 24, 2020 by Universal Pictures.

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