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Corporation Tax Act 2009

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[F1CHAPTER 4U.K.Programme losses

Textual Amendments

F1Pt. 15A inserted (17.7.2003 for specified purposes, 19.7.2003 in so far as not already in force, and with effect in accordance with Sch. 16 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 16 paras. 1, 2; S.I. 2013/1817, art. 2(1)

1216DApplication of sections 1216DA and 1216DBU.K.

(1)Sections 1216DA and 1216DB apply to a company that is the television production company in relation to a relevant programme.

(2)In those sections—

  • the completion period” means the accounting period of the company—

    (a)

    in which the relevant programme is completed, or

    (b)

    if the company does not complete the relevant programme, in which it abandons television production activities in relation to the programme,

  • loss relief” includes any means by which a loss might be used to reduce the amount in respect of which the company, or any other person, is chargeable to tax,

  • pre-completion period” means an accounting period of the company before the completion period, and

  • the separate programme trade” means the company's separate trade in relation to the relevant programme (see section 1216B).

1216DARestriction on use of losses while programme in productionU.K.

(1)This section applies if in a pre-completion period a loss is made in the separate programme trade.

(2)The loss is not available for loss relief except to the extent that it may be carried forward under section 45 of CTA 2010 to be set against profits of the separate programme trade in a subsequent period.

1216DBUse of losses in later periodsU.K.

(1)This section applies to the following accounting periods of the company (“relevant later periods”)—

(a)the completion period, and

(b)any subsequent accounting period during which the separate programme trade continues.

(2)Subsection (3) applies if a loss made in the separate programme trade is carried forward under section 45 of CTA 2010 from a pre-completion period to a relevant later period.

(3)So much (if any) of the loss as is not attributable to television tax relief (see subsection (6)) may be treated for the purposes of loss relief as if it were a loss made in the period to which it is carried forward.

(4)Subsection (5) applies if in a relevant later period a loss is made in the separate programme trade.

(5)The amount of the loss that may be—

(a)deducted from total profits of the same or an earlier period under section 37 of CTA 2010, or

(b)surrendered as group relief under Part 5 of that Act,

is restricted to the amount (if any) that is not attributable to television tax relief (see subsection (6)).

(6)The amount of a loss in any period that is attributable to television tax relief is calculated by deducting from the total amount of the loss the amount there would have been if there had been no additional deduction under Chapter 3 in that or any earlier period.

(7)This section does not apply to a loss to the extent that it is carried forward or surrendered under section 1216DC.

1216DCTerminal lossesU.K.

(1)This section applies if—

(a)a company (“company A”) is the television production company in relation to a qualifying programme,

(b)company A ceases to carry on its separate trade in relation to that programme (“trade X”) (see section 1216B), and

(c)if company A had not ceased to carry on trade X, it could have carried forward an amount under section 45 of CTA 2010 to be set against profits of trade X in a later period (“the terminal loss”).

(2)If on cessation of trade X company A—

(a)is the television production company in relation to another qualifying programme, and

(b)is carrying on its separate trade in relation to that programme (“trade Y”),

it may (on making a claim) make an election under subsection (3).

(3)The election is to have the terminal loss (or a part of it) treated as if it were a loss brought forward under section 45 of CTA 2010 to be set against the profits of trade Y in the first accounting period beginning after the cessation and so on.

(4)Subsection (5) applies if on cessation of trade X—

(a)there is another company (“company B”) that is the television production company in relation to a qualifying programme,

(b)company B is carrying on its separate trade in relation to that programme (“trade Z”), and

(c)company B is in the same group as company A for the purposes of Part 5 of CTA 2010 (group relief).

(5)Company A may surrender the terminal loss (or a part of it) to company B.

(6)On the making of a claim by company B the amount surrendered is treated as if it were a loss brought forward by company B under section 45 of CTA 2010 to be set against the profits of trade Z of the first accounting period of that company beginning after the cessation and so on.

(7)The Treasury may, in relation to the surrender of a loss under subsection (5) and the resulting claim under subsection (6), make provision by regulations corresponding, subject to such adaptations or other modifications as appear to them to be appropriate, to that made by Part 8 of Schedule 18 to FA 1998 (company tax returns: claims for group relief).

(8)Qualifying programme” means a relevant programme in relation to which the conditions for television tax relief are met (see 1216C(2)).]

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