Section 1217J Amount of additional deductionF1

United Kingdom

(1)

The amount of an additional deduction to which a company is entitled as a result of a claim under section 1217H is calculated as follows.

(2)

For the first period of account during which the separate theatrical trade is carried on, the amount of the additional deduction is E, where—

E is—

(a)
so much of the qualifying expenditure incurred to date as is F2F3UK expenditure, or
(b)
if less, 80% of the total amount of qualifying expenditure incurred to date.

(3)

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

E - P

where—

E is—

(a)
so much of the qualifying expenditure incurred to date as is F4UK expenditure, or
(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.

(4)

The Treasury may by regulations amend the percentage specified in subsection (2) or (3).

Annotations

F1: Pt. 15C inserted (17.7.2014 for specified purposes and with effect in accordance with Sch. 4 para. 16 of the amending Act, 22.8.2014 in so far as not already in force) by Finance Act 2014 (c. 26), Sch. 4 paras. 1, 16; S.I. 2014/2228, art. 2
F2: Words in s. 1217J substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(29) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
F3: Word in s. 1217J(2) substituted (with effect in accordance with Sch. 3 para. 12(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 3 para. 6(1) (with Sch. 3 para. 12)
F4: Word in s. 1217J(3) substituted (with effect in accordance with Sch. 3 para. 12(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 3 para. 6(1) (with Sch. 3 para. 12)

C1: Pt. 15C modified (with application in accordance with s. 17(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 17(1)(4)