Section 1202 Surrendering of loss and amount of film tax credit

United Kingdom

(1)

The company may surrender the whole or part of its surrenderable loss in an accounting period.

(2)

If the company surrenders the whole or part of that loss, the amount of the film tax credit to which it is entitled for the accounting period is given by—

L x R

where—

L is the amount of the loss surrendered, and

F1R is 25%.

F2(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

The company's F3available loss for the accounting period is reduced by the amount surrendered.

Annotations

Textual amendments

F1: Words in s. 1202(2) substituted (with effect in accordance with s. 29(8) of the amending Act) by Finance Act 2015 (c. 11), s. 29(4)(a)(7); S.I. 2015/1741, reg. 2
F2: S. 1202(3) omitted (with effect in accordance with s. 29(8) of the amending Act) by virtue of Finance Act 2015 (c. 11), s. 29(4)(b)(7); S.I. 2015/1741, reg. 2
F3: Words in s. 1202(4) substituted (with effect in accordance with s. 14(7)(8) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 14(6)

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))