SCHEDULES

SCHEDULE 4Relief for carried-forward losses

PART 5Carrying forward trade losses in certain creative industries

Losses of television programme trade

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(1)

Section 1216DB (use of losses in later periods) is amended as follows.

(2)

In subsection (2) after “45” insert “ or 45B ”.

(3)

In subsection (3) for “loss relief” substitute “ section 37 and Part 5 of CTA 2010 ”.

(4)

In subsection (4) for “Subsection (5) applies” substitute “ Subsections (5) and (5A) apply ”.

(5)

In subsection (5) after paragraph (a) insert—

“(ab)

carried forward under section 45A of that Act to be deducted from the total profits of a later period,”

(6)

After subsection (5) insert—

“(5A)

A deduction under section 45 or 45B of CTA 2010 which is made in respect of so much of the loss as is attributable to television tax relief is to be ignored for the purposes of section 269ZB of that Act (restriction on deductions from trading profits).”