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Section 1217CG Amount of additional deductionF1

United Kingdom

(1)

For the first period of account during which the separate video game trade is carried on, the amount of the additional deduction is—

E

where E is—

  1. a

    so much of the qualifying expenditure as is F2European expenditure, or

  2. b

    if less, 80% of the total amount of qualifying expenditure.

(2)

For any period of account after the first, the amount of the additional deduction is given by—

E−P

where—

E is—

  1. (a)

    so much of the qualifying expenditure incurred to date as is European expenditure, or

  2. (b)

    if less, 80% of the total amount of qualifying expenditure incurred to date, and

P is the total amount of the additional deductions given for previous periods.

(3)

The Treasury may by regulations amend this section.

Annotations

Textual amendments

F1

Pt. 15B inserted (17.7.2013 for specified purposes and 1.4.2014 in so far as not already in force) by Finance Act 2013 (c. 29), Sch. 17 paras. 1, 2; S.I. 2014/1962, art. 2(1)(2)

F2

Words in s. 1217CG substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(25) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)