Section 1179DV Percentage of qualifying expenditure translated into creditF1

This section determines the relevant percentage for the purposes of step 5 in section 1179CA(1).

In the case of—

the relevant percentage is 34%.

In the case of—

the relevant percentage is, subject to the following subsections, 39%.

Subsection (5) applies if, for any accounting period, the production company is entitled to, and claims, an audiovisual expenditure credit on the basis that the film or programme falls within subsection (2).

In relation to any subsequent accounting period, the relevant percentage is 34%.

In the case of a qualifying film that is a certified low-budget film (see section 1179DJA(9)), the relevant percentage is 53%.

The Treasury may by regulations replace the percentage for the time being specified in subsection (2), (3) F5, (5) or (5A) with a different percentage.