Section 1210 Use of losses in later periodsC1

United Kingdom

(1)

This section applies to the following accounting periods of the company (“relevant later periods”)—

(a)

the completion period, and

(b)

any subsequent accounting period during which the separate film trade continues.

(2)

Subsection (3) applies if a loss made in the separate film trade is carried forward under F1section 45 F2or 45B of CTA 2010 from a pre-completion period to a relevant later period.

(3)

So much (if any) of the loss as is not attributable to film tax relief (see subsection (6)) may be treated for the purposes of F3section 37 and Part 5 of CTA 2010 as if it were a loss made in the period to which it is carried forward.

(4)

F4Subsections (5) and (5A) apply if in a relevant later period a loss is made in the separate film trade.

(5)

The amount of the loss that may be—

(a)

F5deducted from total profits of the same or an earlier period under F6section 37 of CTA 2010, or

F7(ab)

carried forward under section 45A of that Act to be deducted from the total profits of a later period,

(b)

surrendered as group relief under F8Part 5 of that Act,

is restricted to the amount (if any) that is not attributable to film tax relief (see subsection (6)).

F9(5A)

A deduction under section 45 or 45B of CTA 2010 which is made in respect of so much of the loss as is attributable to film tax relief is to be ignored for the purposes of section 269ZB of that Act (restriction on deductions from trading profits).

(6)

The amount of a loss in any period that is attributable to film tax relief is calculated by deducting from the total amount of the loss the amount there would have been if there had been no additional deduction under Chapter 3 in that or any earlier period.

(7)

This section does not apply to a loss to the extent that it is carried forward or surrendered under section 1211.

Annotations

Textual amendments

F1: Words in s. 1210(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. 681(2) (with Sch. 2)
F2: Words in s. 1210(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. 29(2)
F3: Words in s. 1210(3) 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. 29(3)
F4: Words in s. 1210(4) 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. 29(4)
F5: Words in s. 1210(5)(a) 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. 681(3)(a)(i) (with Sch. 2)
F6: Words in s. 1210(5)(a) 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. 681(3)(a)(ii) (with Sch. 2)
F7: S. 1210(5)(ab) 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. 29(5)
F8: Words in s. 1210(5)(b) 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. 681(3)(b) (with Sch. 2)
F9: S. 1210(5A) 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. 29(6)

Modifications

C1: S. 1210 modified by 2010 c. 4, s. 357RG (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))