Section 1201 | Film tax credit claimable if company has surrenderable loss

(1)If film tax relief is available to the company, it may claim a film tax credit for an accounting period in which it has a surrenderable loss.

(2)The company's surrenderable loss in an accounting period is—^F1

(a)the company's available loss for the period in the separate film trade, or^F2

(b)if less, the available qualifying expenditure for the period.

(2A)The company's available loss for an accounting period is given by—^F3

(2B)The “relevant unused loss” of a company is so much of any available loss of the company for the previous accounting period as has not been—^F3

(a)surrendered under section 1202(1), or^F3

(b)carried forward under section 45 or 45B of CTA 2010 and set against profits of the separate film trade.^F3F4

(3)For the first period of account during which the separate film trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of section 1200(1).

(4)For any period of account after the first, the available qualifying expenditure is given by—^F5

(5)If a period of account of the separate film trade does not coincide with an accounting period, any necessary apportionments are to be made by reference to the number of days in the periods concerned.^F6