(1)Part 15 of CTA 2009 (film production) is amended as follows.
(2)In section 1184 (definitions of terms including “limited-budget film”)—
(a)omit subsections (2) and (3), and
(b)in the heading for that section omit “and “limited-budget film””.
(3)For section 1200(3) (film tax relief: amount of additional deduction: rate of enhancement) substitute—
“(3)The rate of enhancement is 100%.”
(4)In section 1202 (surrendering of loss and amount of film tax credit)—
(a)in subsection (2) for “R is the payable credit rate (see subsection (3))” substitute “ R is 25% ”, and
(b)omit subsection (3).
(5)Omit section 1215 (film tax relief on basis that film is limited-budget film).
(6)In Schedule 4 (index of defined expressions) omit the entry for “limited-budget film”.
(7)In consequence of subsection (4), in section 32 of FA 2014—
(a)omit subsection (3),
(b)in subsection (4) for “amendments made by subsections (2) and (3) have” substitute “ amendment made by subsection (2) has ”,
(c)omit subsection (5), and
(d)in subsection (7) for “sections 1198(1) and 1202(2) and (3)” substitute “ section 1198(1) ”.
(8)The amendments made by this section have effect in relation to films the principal photography of which is not completed before such day as the Treasury may specify by regulations.
(9)The specified day may be before the day on which the regulations are made, but may not be before 1 April 2015.
(10)Section 1171(4) of CTA 2010 (orders and regulations subject to negative resolution procedure) does not apply in relation to any regulations made under subsection (8).
Modifications etc. (not altering text)
C1S. 29 having effect as specified (2.10.2015) by The Finance Act 2015, Section 29 (Film Tax Relief) (Specified Day) Regulations 2015 (S.I. 2015/1741), reg. 2