SCHEDULES

Valid from 01/01/2007

SCHEDULE 5 U.K. Film tax relief: further provisions

Part 1 U.K. Entitlement to film tax relief

Qualifying expenditure U.K.

3 (1) Qualifying expenditure for this purpose means core expenditure on the film that falls to be taken into account under Schedule 4 in calculating the profit or loss of the trade for tax purposes. U.K.

(2) The Treasury may by regulations—

(a) amend sub-paragraph (1);

(b) provide that expenditure of a specified description is or is not to be regarded for the purposes of this Part of this Schedule as qualifying expenditure.

(3) No such regulations shall be made unless a draft of the regulations has been laid before and approved by a resolution of the House of Commons.