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).