Mr. Anthony Muldoon:

It is not, actually. That is the really interesting thing.

If you look at any section 481 project across genre that has a global budget of €20 million and you apply the 8%, so it is going from 32% to 40% on those projects, the cost approximately is an additional €20 million in tax forgone. That is an approximate because these are numbers that were done by an accountant adviser who shared them with us. In fact, while, as a policy proposal, it looks eye-watering, in reality it is extraordinarily good value for the impact it would have because you are looking at projects and you suddenly become really competitive with the UK. For example, I was at a talk at the weekend on the new tax credit in the UK. The numbers are startling when you are in a room with loads of producers from the UK and Europe talking about it but one of the most interesting things about it is that there is no real protection for British independent productions within it. This is because all you have to have is an intent to release theatrically - that, in itself, favours streamers - and a British writer or director, or to be a co-production, which are quite low bars from the point of view of protecting independent production companies and independent features in the UK. There is a real danger with the tax credit increase in the UK but to solve it in our situation does not cost a huge amount of money relative to other initiatives that can happen.