1202Surrendering of loss and amount of film tax creditU.K.
This section has no associated Explanatory Notes
(1)The company may surrender the whole or part of its surrenderable loss in an accounting period.
(2)If the company surrenders the whole or part of that loss, the amount of the film tax credit to which it is entitled for the accounting period is given by—
where—
L is the amount of the loss surrendered, and
R is the payable credit rate (see subsection (3)).
(3)The payable credit rate is—
(a)for a limited-budget film, 25%, and
(b)for any other film, 20%.
(4)The company's [F1available loss] for the accounting period is reduced by the amount surrendered.
Textual Amendments
F1Words in s. 1202(4) substituted (with effect in accordance with s. 14(7)(8) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 14(6)