Section 1209 Restriction on use of losses while film in productionC1

United Kingdom

(1)

This section applies if in a pre-completion period a loss is made in the separate film trade.

(2)

The loss is not available for loss relief except to the extent that it may be carried forward under F1section 45 F2or 45B of CTA 2010 to be F3deducted from profits of the separate film trade in a subsequent period.

F4(3)

If the loss is carried forward under section 45 or 45B of CTA 2010 and deducted from profits of the separate film trade in a subsequent period, the deduction is to be ignored for the purposes of section 269ZB of CTA 2010 (restriction on deductions from trading profits).

Annotations

Textual amendments

F1: Words in s. 1209(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 680 (with Sch. 2)
F2: Words in s. 1209(2) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 28(2)(a)
F3: Words in s. 1209(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 28(2)(b)
F4: S. 1209(3) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 28(3)

Modifications

C1: S. 1209 modified by 2010 c. 4, s. 357RF (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)

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))