Section 1199 Additional deduction for qualifying expenditure

(1)

If film tax relief is available to the company, it may (on making a claim) make an additional deduction in respect of qualifying expenditure on the film.

(2)

The deduction is made in calculating the profit or loss of the separate film trade.

(3)

In this Chapter “qualifying expenditure” means core expenditure on the film that falls to be taken into account under Chapter 2 in calculating the profit or loss of the separate film trade for tax purposes.

(4)

The Treasury may by regulations—

(a)

amend subsection (3), and

(b)

provide that expenditure of a specified description is or is not to be regarded as qualifying expenditure.

Notes on Part 15

Modifications

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))