Finance Act 2004

123 “Film-related losses” and “non-taxable consideration”

(1) For the purposes of sections 119 and 121 a loss is a “film-related loss” if the computation of profits or losses that it results from is made in accordance with any of the following—

• sections 40A to 40C of the Finance (No. 2) Act 1992 (c. 48);

• sections 41 to 43 of that Act;

• section 48 of the Finance (No. 2) Act 1997 (c. 58).

(2) References in section 119 to “non-taxable” consideration are to consideration that (apart from section 119) is not chargeable to income tax; and the reference to “taxable” consideration is to be read accordingly.