Section 1179AA Qualifying companies and productionsF1

Chapters 2 and 3 apply where there is a qualifying production and a qualifying company for that production.

The later Chapters supply the meanings of those terms.

See in particular—

Whether a company is the qualifying company for a qualifying production (including whether the production is a qualifying production) is to be assessed separately in relation to each accounting period of the company.

The assessment is to be made by reference to the state of affairs at the end of that period.

So far as future events are relevant to the assessment, it is to be made by reference to the reasonable expectations of the company at that time.

Subsections (5) and (6) are subject to any provision of this Part that provides forF2—

Once a qualifying company has made an election under section 1179B(1) in respect of a qualifying production, no other company can subsequently be the qualifying company for that production.

In this Part, “production”, except when contained in another defined term or used to refer to the act of producing something, means—