Part 15Film production

Chapter 3Film tax relief

Film tax credits

1202Surrendering of loss and amount of film tax credit

(1)

The company may surrender the whole or part of its surrenderable loss in an accounting period.

(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 given by—

L x R

where—

L is the amount of the loss surrendered, and

F1R is 25%.

F2(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

The company's F3available loss for the accounting period is reduced by the amount surrendered.