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.