Part 15Film production
Chapter 3Film tax relief
Film tax credits
1201Film tax credit claimable if company has surrenderable loss
1
If film tax relief is available to the company, it may claim a film tax credit for an accounting period in which it has a surrenderable loss.
2
The company’s surrenderable loss in any period is—
a
the company’s loss for the period in the separate film trade, or
b
if less, the available qualifying expenditure for the period.
3
For the first period of account during which the separate film trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of section 1200(1).
4
For any period of account after the first, the available qualifying expenditure is given by—
where—
E is the amount that is E for that period for the purposes of section 1200(2), and
S is the total amount surrendered in previous periods under section 1202(1).