Part 2Income tax, corporation tax and capital gains tax

Chapter 6Film relief

Tax relief for limited-budget films

58Relief for production and acquisition expenditure on limited-budget films

1

In section 48 of F(No.2)A 1997 (relief for production and acquisition expenditure on limited-budget films), in subsection (2)—

a

in paragraph (a) for “before 2nd July 2005” substitute “ , if it is expenditure to which section 42(3) of that Act applies, before 1st October 2007 ”,

b

after that paragraph insert—

aa

the first day of principal photography in relation to the film concerned is before 1st April 2006;

c

in paragraph (c) after “1997” insert “ but before 1st January 2007 ”.

2

In section 139 of ITTOIA 2005 (certified master versions: production expenditure on limited-budget films), in subsection (1)—

a

in paragraph (aa) (requirement that film is completed) (inserted by paragraph 30 of Schedule 3) after “period” insert “ and before 1st January 2007 ”, and

b

for paragraph (b) (requirement that expenditure incurred before 2nd July 2005) substitute—

b

the first day of principal photography was before 1st April 2006,

3

In section 140 of that Act (certified master versions: acquisition expenditure on limited-budget films), in subsection (1)—

a

in paragraph (aa) (requirement that film is completed) (inserted by paragraph 30 of Schedule 3), after “period” insert “ and before 1st January 2007 ”,

b

in paragraph (c) (requirement that expenditure incurred before 2nd July 2005) for “2nd July 2005” substitute “ 1st October 2007 ”, and

c

after that paragraph insert—

ca

the first day of principal photography was before 1st April 2006,

4

The Treasury may by order amend any of the enactments amended by subsections (1) to (3), so as to substitute for a date inserted by or under this section a later date.

5

The amendments made by subsection (1) have effect in relation to claims made under section 42 of F(No.2)A 1992 on or after 2nd July 2005.

6

The amendments made by subsections (2) and (3) have effect in relation to deductions made under section 139 or 140 of ITTOIA 2005 on or after 2nd July 2005.