[F11216CHTelevision tax credit claimable if company has surrenderable lossU.K.
(1)If television tax relief is available to the company, it may claim a television tax credit for an accounting period in which it has a surrenderable loss.
(2)The company's surrenderable loss in an accounting period is—
(a)the company's available loss for the period in the separate programme trade (see subsection (3)), or
(b)if less, the available qualifying expenditure for the period (see subsections (5) and (6)).
(3)The company's available loss for an accounting period is given by—
where—
L is the amount of the company's loss for the period in the separate programme trade, and
RUL is the amount of any relevant unused loss of the company (see subsection (4)).
(4)The “relevant unused loss” of a company is so much of any available loss of the company for the previous accounting period as has not been—
(a)surrendered under section 1216CI(1), or
(b)carried forward under section 45 [F2or 45B] of CTA 2010 and set against profits of the separate programme trade.
(5)For the first period of account during which the separate programme trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of section 1216CG(1).
(6)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 1216CG(2), and
S is the total amount previously surrendered under section 1216CI(1).
(7)If a period of account of the separate programme trade does not coincide with an accounting period, any necessary apportionments are to be made by reference to the number of days in the periods concerned.]
Textual Amendments
F1Pt. 15A inserted (17.7.2013 for specified purposes, 19.7.2013 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)
F2Words in s. 1216CH(4)(b) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 140