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Section 1218ZCC The UK expenditure conditionF1F7

United Kingdom

(1)

The “F2UK expenditure condition” is that at least F310% of the core expenditure on the production of the exhibition incurred by the company is UK expenditure.

(F42)

In this Part “UK expenditure” means expenditure on goods or services that are used or consumed in the United Kingdom.

(3)

Any apportionment of expenditure as between F5expenditure that is and is not UK expenditure for the purposes of this Part is to be made on a just and reasonable basis.

(4)

The Treasury may by regulations—

(a)

amend the percentage specified in subsection (1);

(b)

amend subsection (2).

(5)

See also sections 1218ZE and 1218ZEA (which are about the giving of relief provisionally on the basis that the F6UK expenditure condition will be met).

Annotations

Textual amendments

F1

Pt. 15E inserted (for specified purposes and with effect in accordance with Sch. 6 paras. 20, 21(1)(a) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 1 (with Sch. 6 para. 21(3))

F2

Word in s. 1218ZCC(1) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(1)(b)(i) (with Sch. 5 para. 10)

F3

Word in s. 1218ZCC(1) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(1)(b)(ii) (with Sch. 5 para. 10)

F4

S. 1218ZCC(2) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(1)(c) (with Sch. 5 para. 10)

F5

Words in s. 1218ZCC(3) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(1)(d) (with Sch. 5 para. 10)

F6

Word in s. 1218ZCC(5) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(1)(e) (with Sch. 5 para. 10)

F7

Word in s. 1218ZCC heading substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(1)(a) (with Sch. 5 para. 10)

Notes on Part 15E

Modifications

C1

Pt. 15E modified by 2010 c. 4, s. 357UR(3) (as inserted (with effect in accordance with Sch. 6 para. 20 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 17)

C2

Pt. 15E modified (temp.) (with application in accordance with s. 21(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 21(1)(4)

Notes on Chapter 3

Modifications

C1

Pt. 15E modified (temp.) (with application in accordance with s. 21(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 21(1)(4)