Part 3Income tax, corporation tax and capital gains tax
C1Chapter 3Films and sound recordings
Annotations:
Modifications etc. (not altering text)
Film tax relief
41Conditions of relief: UK expenditure
1
Not less than 25% of the core expenditure on the film incurred—
a
in the case of a British film other than a qualifying co-production, by the film production company,
b
in the case of a qualifying co-production, by the co-producers,
must be UK expenditure.
2
The Treasury may by regulations amend the percentage specified in subsection (1).
3
No such regulations shall be made unless a draft of the regulations has been laid before and approved by a resolution of the House of Commons.
Pt. 3 Ch. 3 applied (with modifications) (29.3.2007) by The Corporation Tax (Taxation of Films) (Transitional Provisions) Regulations 2007 (S.I. 2007/1050), reg. 3-12 (with effect reg. 1(2)) (as amended by Corporation Tax Act 2009 (c. 4), Sch. 2 para. 131)