What did section 329K of the Corporation Tax Act 2010 do?

Section 329K provided that disposal receipts under the Capital Allowances Act 2001 would reduce a company's television tax relief. When a company disposed of assets related to a television programme and received proceeds, those receipts reduced the relief available, preventing companies from claiming full relief while also benefiting from disposal proceeds on the same assets.

Is section 329K of the Corporation Tax Act 2010 still in force?

No, section 329K is no longer in force. The entire Chapter 5A of the Corporation Tax Act 2010, comprising sections 329A through 329T, was repealed by Finance Act 2015 under section 47 and Schedule 11, paragraph 13. The repeal applies to accounting periods ending on or after 5 December 2013. Companies must now refer to replacement provisions.

How did disposal receipts reduce television tax relief under section 329K?

When a company that had claimed television tax relief received disposal proceeds for assets covered by the Capital Allowances Act 2001, those receipts reduced the available relief. For example, if qualifying expenditure was £500,000 and disposal receipts were £80,000, the relief would be calculated on the net figure rather than the full expenditure amount.

Which legislation repealed Chapter 5A of the Corporation Tax Act 2010?

Chapter 5A was repealed by the Finance Act 2015, specifically under section 47 and Schedule 11, paragraph 13. The repeal took effect for accounting periods ending on or after 5 December 2013. Companies with accounting periods straddling that date needed to consider the impact on their television tax relief claims from that point onwards.

Corporation Tax Act 2010 section 329K

Reduction in respect of disposal receipts under CAA 2001

Section 329K addressed how disposal receipts under the Capital Allowances Act 2001 could reduce the amount of a company's relief for television tax purposes. This section, along with the rest of Chapter 5A, was repealed with effect for accounting periods ending on or after 5 December 2013.

When a company disposed of assets related to a television programme and received disposal proceeds under the Capital Allowances Act 2001, those receipts could reduce the amount of television tax relief available.
The purpose was to prevent companies from claiming full relief on expenditure while also benefiting from proceeds when the related assets were sold or otherwise disposed of.
This section formed part of Chapter 5A (sections 329A to 329T) of the Corporation Tax Act 2010, which dealt with the television tax relief regime.
The entire Chapter 5A, including this section, was repealed by Finance Act 2015 (Schedule 11, paragraph 13), applying to accounting periods ending on or after 5 December 2013.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member