18(1)Section 357CG (adjustments in calculating profits of trade) is amended as follows.U.K.
(2)In subsection (3), omit the “and” at the end of paragraph (a) and after paragraph (b) insert—
“(c)the amount of any additional deduction for the accounting period obtained by the company under Part 15A of CTA 2009 in respect of qualifying expenditure on a television programme, and
(d)the amount of any additional deduction for the accounting period obtained by the company under Part 15B of CTA 2009 in respect of qualifying expenditure on a video game.”
(3)After subsection (5) insert—
“(5A)In a case where—
(a)the company is—
(i)a television production company in relation to a television programme, or
(ii)a video games development company in relation to a video game, and
(b)there is a shortfall in qualifying expenditure in relation to the separate programme trade or (as the case may be) the separate video game trade for a relevant accounting period (see section 357CHA),
the amount of qualifying expenditure brought into account in calculating the profits of the trade for that accounting period is to be increased by the amount mentioned in section 357CHA(2).”
(4)In subsection (6)—
(a)for “subsection (5)” substitute “ subsections (5) and (5A) ”;
(b)before the definition of “R&D expenditure” insert—
““qualifying expenditure”—
(a)in relation to a company that is a television production company, has the same meaning as in Chapter 3 of Part 15A of CTA 2009, and
(b)in relation to a company that is a video games development company, has the same meaning as in Chapter 3 of Part 15B of that Act,”;
(c)omit the “and” before the definition of “research and development”;
(d)after that definition insert—
““the separate programme trade”, in relation to a television production company, has the same meaning as in Chapter 2 of Part 15A of CTA 2009 (see section 1216B),
“the separate video game trade”, in relation to a video games development company, has the same meaning as in Chapter 2 of Part 15B of CTA 2009 (see section 1217B),
“television production company” has the same meaning as in Part 15A of CTA 2009 (see section 1216AE), and
“video games development company” has the same meaning as in Part 15B of CTA 2009 (see section 1217AB).”
Commencement Information
I1Sch. 18 para. 18 in force at 19.7.2013 for the purposes of the amendments made by that paragraph, so far as relating to television tax relief by S.I. 2013/1817, art. 2(2)
I2Sch. 18 para. 18 in force at 1.4.2014 for the purposes of the amendments made by that paragraph, so far as relating to video games development tax relief by S.I. 2014/1962, art. 2(3)