Section 1202: Surrendering of loss and amount of film tax credit
3042.This section allows a company to claim a film tax credit for only part of its surrenderable loss and quantifies the film tax credit. It is based on paragraphs 7, 8 and 11 of Schedule 5 to FA 2006.
3043.Subsection (3) provides for a higher payable credit rate if the film is a limited‑budget film.
3044.Subsection (4) provides that the company’s loss is reduced by the amount for which it claims a film tax credit.