‘Penny Dreadful’ - the new eight part Victorian horror series set to shoot at Ardmore Studios from Oct to March - is planning to raise €33 million of its budget from investors benefiting from Section 481 tax incentives.
Mazars and Clancy & Associates accountants have been hired by Octagon Films to raise the S.481 funds, according to the Sunday Business Post, with AIB prepared to provide the investment loans.
The scale of the Showtime production represents a significant victory for Ireland’s S.481 tax incentive measures, which allow financiers to claim 100% tax relief on any investment into a TV or film production up to €50,000.
There are industry fears, however, that planned Government changes to S.481 from 2016 onwards could adversely affect its competitiveness - as it is unclear if the tax credit will be made available at the start of production from that point on.
‘Penny Dreadful’ is created by Oscar nominated screenwriter John Logan, with ‘Skyfall’ and ‘American Beauty’ director Sam Mendes onboard to produce with his production company Neal Street productions.
The series will delve into the origin stories of some of literature's most famous horror characters including Dracula, Dr Frankenstein and his creature, and Dorian Gray - with Josh Hartnett, Eva Green and Billie Piper among the confirmed cast members.
The most successful Showtime TV production to film at Ardmore Studios in recent years was ‘The Tudors’, which won 16 IFTAs and was nominated for three Golden Globe awards.
