Section 357RF | Restriction on use of losses while film is in production ^F1

(1)Section 1209 of CTA 2009 (restriction on use of losses while film is in production) has effect subject as follows.^F1

(2)The reference in subsection (1) of that section to a loss made in the separate film trade in a pre-completion period is, if the company is a Northern Ireland company in that period, a reference to—^F1F2

(a)any Northern Ireland losses of the trade of the period, or^F1

(b)any mainstream losses of the trade of the period;^F1

and references to losses in subsections (2) and (3) of that section are to be read accordingly.

(3)Subsection (4) applies if a Northern Ireland company has, in a pre-completion period—^F1

(a)both Northern Ireland losses of the trade and mainstream profits of the trade, or^F1

(b)both mainstream losses of the trade and Northern Ireland profits of the trade.^F1

(4)The company may make a claim under section 37 (relief for trade losses against total profits) for relief for the losses mentioned in subsection (3)(a) or (b).^F1

(5)But relief on such a claim is available only—^F1

(a)in the case of a claim for relief for Northern Ireland losses, against mainstream profits of the trade of the same period;^F1

(b)in the case of a claim for relief for mainstream losses, against Northern Ireland profits of the trade of the same period.^F1

(6)In this section “a pre-completion period” has the same meaning as in section 1209 of CTA 2009 (see section 1208(2) of that Act).^F1