Section 74D Meaning of “qualifying film expenditure” for purposes of sections 74A and 74B
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Amendments
Section 74D inserted by Finance Act 2008 section 60 and Schedule 21 para 2 in relation to any loss made by an individual in 2007-08 or any later tax year, but not in relation to a loss made by an individual in a tax year the basis period for which ended before 12 March 2008.
(1) For the purposes of sections 74A and 74B expenditure is qualifying film expenditure if—
(a) it is deducted under a relevant film provision for the purposes of calculating the profits of a trade, or
(b) it is incidental expenditure which (although not deducted under a relevant film provision) is incurred in connection with the production of a film, or the acquisition of the original master version of a film, in relation to which expenditure is so deducted.
(2) Expenditure is incidental if it is on management, administration or obtaining finance.
(3) The extent to which expenditure is within subsection (1)(b) is determined on a just and reasonable basis.
(4) For the purposes of sections 74A and 74B the amount of any loss that derives from qualifying film expenditure is determined on a just and reasonable basis.
(5) In this section—
“the acquisition of the original master version of a film” has the same meaning as in Chapter 9 of Part 2 of ITTOIA 2005 (see sections 130 and 132 of that Act),
“film” is to be read in accordance with paragraph 1 of Schedule 1 to the Films Act 1985, and
“a relevant film provision” means any one of sections 137 to 140 of ITTOIA 2005 (relief for certified master versions of films).
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