Part 4Loss relief
Chapter 3Restrictions on trade loss relief for certain partners
F2Limit on amount of sideways relief and capital gains relief
103DF1Meaning of “qualifying film expenditure”
1
For the purposes of this Chapter expenditure is qualifying film expenditure if—
a
it is deducted under a relevant film provision for the purposes of the calculation required by section 849 of ITTOIA 2005 (calculation of firm's profits or losses), or
b
it is incidental expenditure which (although not deducted under a relevant film provision) is incurred in connection with the production of a film, or the acquisition of the original master version of a film, in relation to which expenditure is so deducted.
2
Expenditure is incidental if it is on management, administration or obtaining finance.
3
The extent to which expenditure is within subsection (1)(b) is determined on a just and reasonable basis.
4
For the purposes of this Chapter the amount of any loss that derives from qualifying film expenditure is determined on a just and reasonable basis.
5
In this section—
“ the acquisition of the original master version of a film ” has the same meaning as in Chapter 9 of Part 2 of ITTOIA 2005 (see sections 130 and 132 of that Act),
“ film ” is to be read in accordance with paragraph 1 of Schedule 1 to the Films Act 1985, and
“ a relevant film provision ” means any one of sections 137 to 140 of ITTOIA 2005 (relief for certified master versions of films).
S. 103C and cross-heading inserted (with effect in accordance with Sch. 4 para. 1(2)-(13) of the amending Act) by Finance Act 2007 (c. 11), Sch. 4 para. 1(1)