1201Film tax credit claimable if company has surrenderable lossU.K.
(1)If film tax relief is available to the company, it may claim a film tax credit for an accounting period in which it has a surrenderable loss.
(2)The company's surrenderable loss in any period is—
(a)the company's loss for the period in the separate film trade, or
(b)if less, the available qualifying expenditure for the period.
(3)For the first period of account during which the separate film trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of section 1200(1).
(4)For any period of account after the first, the available qualifying expenditure is given by—
where—
E is the amount that is E for that period for the purposes of section 1200(2), and
S is the total amount surrendered in previous periods under section 1202(1).