Section 1179C | Entitlement to expenditure credit ^F1

(1)The qualifying company for a qualifying production is entitled to an expenditure credit for—

(a)the opt-in period, and

(b)(subject to subsection (2)) any subsequent accounting period in which it continues to carry on the separate production trade.

(2)If in any of those subsequent periods the production is no longer a qualifying production, or the company is no longer the qualifying company for it, the company is not entitled to an expenditure credit for the period.

(3)But that does not affect the entitlement of the company for any subsequent period in which the production is once again a qualifying production or the company is once again the qualifying company for it.

(4)If a production ceases to be regarded as a qualifying production in an accounting period as a result of events after the end of that period—

(a)the qualifying company is no longer entitled to an expenditure credit for that period, and

(b)any company tax return drawn up in reliance on such an entitlement must be amended so as to remove anything derived from that entitlement.

(5)An expenditure credit to which a company is entitled may be claimed by the company in accordance with Part 9D of Schedule 18 to FA 1998.