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Finance Act 2014

Details of the Section

2.Subsection 1 provides that Part 15B of CTA 2009 is amended as follows.

3.Subsection 2 amends section 1217A.

4.Subsection 3 provides that in section 1217AE ‘used or consumed’ is substituted for ‘expenditure on goods or services that are provided from within the European Economic Area’.

5.Subsection 4 amends section 1217B to clarify that only qualifying video games will need to be treated as separate trades for the purposes of Part 15B.

6.Subsection 5 inserts a new subsection in section 1217CF to limit the amount of subcontracting payments (as defined in new subsection (5)) to £1 million.  Any payments for subcontracting exceeding this amount will not be treated as allowable expenditure for the purposes of claiming the tax credit.

7.Subsection 6 specifies provisions in which “UK expenditure” is substituted by “EEA expenditure”.

8.Subsection 7 amends Schedule 4 to CTA 2009.

9.Subsection 8 specifies that the amendments will be commenced by Treasury Order since commencement is subject to State aid approval from the European Commission.

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