1180Overview of PartU.K.
(1)This Part is about film production.
(2)Sections 1181 to 1187 contain definitions and other provisions about interpretation that apply for the purposes of this Part.
See, in particular, section 1182 which explains how a company comes to be treated as the film production company in relation to a film.
(3)Chapter 2 is about the taxation of the activities of a film production company and includes—
(a)provision for the company's activities in relation to its film to be treated as a separate trade, and
(b)provision about the calculation of the profits and losses of that trade.
(4)Chapter 3 is about relief (called “film tax relief”) which can be given to a film production company—
(a)by way of additional deductions to be made in calculating the profits or losses of the company's separate trade, or
(b)by way of a payment (a “film tax credit”) to be made on the company's surrender of losses from that trade.
(5)Chapter 4 is about the relief which can be given for losses made by a film production company in its separate trade including provision for certain such losses to be transferred to other separate trades.
(6)Chapter 5 provides—
(a)for relief under Chapters 3 and 4 to be given on a provisional basis, and
(b)for such relief to be withdrawn if it turns out that conditions that must be met for such relief to be given are not actually met.