Corporation Tax Act 2009 section 1211

Terminal losses

Section 1211 deals with what happens to unused trading losses when a company's single film trade ceases, and how those losses may be transferred to another qualifying film trade carried on by the same company or a group member.

• When a company ceases a qualifying film trade with unused losses, those losses can be carried forward into a new qualifying film trade started by the same company
• Alternatively, the losses may be surrendered to another company in the same group that is carrying on its own qualifying film trade
• The Treasury may make regulations governing the surrender of terminal losses and claims for group relief
• Any deductions made under this section are excluded from the calculation of trading profits