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Finance Act 2006

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Valid from 01/01/2007

Whether film a limited-budget filmE+W+S+N.I.

33(1)The company is not entitled to film tax relief for an interim accounting period on the basis that the film is a limited-budget film unless—E+W+S+N.I.

(a)its company tax return for the period states the amount of planned core expenditure on the film, and

(b)that amount is such as to indicate that the condition in section 34(2) (definition of “limited-budget film”) will be met on completion of the film.

In that case, the film is provisionally treated in relation to that period as if that condition was met.

(2)If it subsequently appears that the condition will not be met on completion of the film, the company—

(a)is not entitled to film tax relief for any period on the basis that the film is a limited-budget film, and

(b)must amend accordingly its company tax return for any such period for which relief has been claimed on that basis.

(3)When the film is completed or, as the case may be, the company abandons film-making activities in relation to it—

(a)its company tax return for the final accounting period must—

(i)state that the film has been completed or, as the case may be, the company has abandoned film-making activities in relation to it, and

(ii)be accompanied by a final statement of the core expenditure on the film; and

(b)if the return shows that the film is not a limited-budget film, or (as the case may be) that having regard to the proportion of work on the film that was completed, it would not have been a limited-budget film if it had been completed, the company—

(i)is not entitled to film tax relief for any period on the basis that the film is a limited-budget film, and

(ii)must amend accordingly its company tax return for any period for which such relief was claimed on that basis.

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