Finance Act 2005 (c. 7)

SCHEDULES

SCHEDULE 3 U.K. Films: restrictions on relief for production and acquisition expenditure

Yn ddilys o 07/04/2005

Part 2 U.K. Restrictions on amount of relief which may be obtained

Section 142 of the Income Tax (Trading and Other Income) Act 2005 (c. 5) U.K.

16 (1) In section 142 of ITTOIA 2005 (when expenditure is incurred), in subsection (1) for “139 and” substitute “ 138 to ”. U.K.

(2) The amendment made by this paragraph has effect for the year 2005-06 and subsequent years of assessment.

(3) But that amendment does not have effect—

(a) in relation to films which had their first day of principal photography before 2nd December 2004, or

(b) in relation to pre-announcement expenditure.