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(1)Chapter 3 of Part 15 of CTA 2009 (film tax relief) is amended as follows.
(2)In section 1198 (UK expenditure), in subsection (1), for “25%” substitute “10%”.
(3)In section 1202 (surrendering of loss and amount of film tax credit), for subsections (2) and (3) substitute—
“(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 the sum of—
(a)25% of so much of the loss surrendered as does not exceed the unused 25% band, and
(b)20% of the remainder of that loss (if any).
(3)“The unused 25% band” means £20 million reduced (but not below zero) by the total amount previously surrendered under subsection (1) (if any).”
(4)The amendments made by subsections (2) and (3) have effect in relation to films the principal photography of which is not completed before such day as the Treasury may specify by order.
(5)A different day may be specified in relation to the amendments made by each subsection.
(6)A specified day may be before the day on which the order is made, but may not be before 1 April 2014.
(7)The Treasury may by order amend sections 1198(1) and 1202(2) and (3) of CTA 2009 (as amended and inserted by this section) in connection with an application for State aid approval.
(8)In this section “State aid approval” means approval that the provision made by this section, to the extent that it constitutes the granting of aid to which any of the provisions of Article 107 or 108 of the Treaty on the Functioning of the European Union applies, is, or would be, compatible with the internal market, within the meaning of Article 107 of that Treaty.
(9)An order under subsection (7) may—
(a)make incidental, supplemental, consequential, transitional or saving provision;
(b)contain provision having effect in relation to films mentioned in subsection (4).
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