PART 1Income tax, corporation tax and capital gains tax

CHAPTER 3Corporation tax: general

C129Film tax relief

1

Part 15 of CTA 2009 (film production) is amended as follows.

2

In section 1184 (definitions of terms including “limited-budget film”)—

a

omit subsections (2) and (3), and

b

in the heading for that section omit “and “limited-budget film””.

3

For section 1200(3) (film tax relief: amount of additional deduction: rate of enhancement) substitute—

3

The rate of enhancement is 100%.

4

In section 1202 (surrendering of loss and amount of film tax credit)—

a

in subsection (2) for “R is the payable credit rate (see subsection (3))” substitute “ R is 25% ”, and

b

omit subsection (3).

5

Omit section 1215 (film tax relief on basis that film is limited-budget film).

6

In Schedule 4 (index of defined expressions) omit the entry for “limited-budget film”.

7

In consequence of subsection (4), in section 32 of FA 2014—

a

omit subsection (3),

b

in subsection (4) for “amendments made by subsections (2) and (3) have” substitute “ amendment made by subsection (2) has ”,

c

omit subsection (5), and

d

in subsection (7) for “sections 1198(1) and 1202(2) and (3)” substitute “ section 1198(1) ”.

8

The amendments made by this section have effect in relation to films the principal photography of which is not completed before such day as the Treasury may specify by regulations.

9

The specified day may be before the day on which the regulations are made, but may not be before 1 April 2015.

10

Section 1171(4) of CTA 2010 (orders and regulations subject to negative resolution procedure) does not apply in relation to any regulations made under subsection (8).