Section 1198 UK expenditure

United Kingdom

C1(1)

At least F110% of the core expenditure on the film incurred—

(a)

in the case of a British film other than a qualifying co-production, by the company, and

(b)

in the case of a qualifying co-production, by the co-producers,

must be UK expenditure.

(2)

The Treasury may by regulations amend the percentage specified in subsection (1).

Annotations

F1: Percentage in s. 1198(1) substituted (with effect in accordance with s. 32(4) of the amending Act) by Finance Act 2014 (c. 26), s. 32(2); S.I. 2014/2880, art. 2

C1: S. 1198(1): power to amend conferred (17.7.2014) by Finance Act 2014 (c. 26), s. 32(7)

C1: Pt. 15 applied (with modifications) by S.I. 2007/1050, regs. 3-12 (as amended (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 2 para. 131 (with Sch. 2 Pts. 1, 2))