C1Part 15Film production
Chapter 4Film losses
1210Use of losses in later periods
1
This section applies to the following accounting periods of the company (“relevant later periods”)—
a
the completion period, and
b
any subsequent accounting period during which the separate film trade continues.
2
Subsection (3) applies if a loss made in the separate film trade is carried forward under F1section 45 of CTA 2010 from a pre-completion period to a relevant later period.
3
So much (if any) of the loss as is not attributable to film tax relief (see subsection (6)) may be treated for the purposes of loss relief as if it were a loss made in the period to which it is carried forward.
4
Subsection (5) applies if in a relevant later period a loss is made in the separate film trade.
5
The amount of the loss that may be—
b
surrendered as group relief under F4Part 5 of that Act,
is restricted to the amount (if any) that is not attributable to film tax relief (see subsection (6)).
6
The amount of a loss in any period that is attributable to film tax relief is calculated by deducting from the total amount of the loss the amount there would have been if there had been no additional deduction under Chapter 3 in that or any earlier period.
7
This section does not apply to a loss to the extent that it is carried forward or surrendered under section 1211.
Pt. 15 applied (with modifications) by S.I. 2007/1050, regs. 3-12 (as amended (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 2 para. 131 (with Sch. 2 Pts. 1, 2))