- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/04/2012)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 26/03/2015
Point in time view as at 01/04/2012.
Corporation Tax Act 2009, Cross Heading: Additional deductions is up to date with all changes known to be in force on or before 11 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)If film tax relief is available to the company, it may (on making a claim) make an additional deduction in respect of qualifying expenditure on the film.
(2)The deduction is made in calculating the profit or loss of the separate film trade.
(3)In this Chapter “qualifying expenditure” means core expenditure on the film that falls to be taken into account under Chapter 2 in calculating the profit or loss of the separate film trade for tax purposes.
(4)The Treasury may by regulations—
(a)amend subsection (3), and
(b)provide that expenditure of a specified description is or is not to be regarded as qualifying expenditure.
(1)For the first period of account during which the separate film trade is carried on, the amount of the additional deduction is given by—
where—
E is—
(a) so much of the qualifying expenditure as is UK expenditure, or
(b) if less, 80% of the total amount of qualifying expenditure, and
R is the rate of enhancement (see subsection (3)).
(2)For any period of account after the first, the amount of the additional deduction is given by—
where—
E is—
(a) so much of the qualifying expenditure incurred to date as is UK expenditure, or
(b) if less, 80% of the total amount of qualifying expenditure incurred to date,
R is the rate of enhancement (see subsection (3)), and
P is the total amount of the additional deductions given for previous periods.
(3)The rate of enhancement is—
(a)for a limited-budget film, 100%, and
(b)for any other film, 80%.
(4)The Treasury may by regulations amend the percentage specified in subsection (1) or (2).
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