Income Tax (Trading and Other Income) Act 2005 section 142D

Meaning of the "net excess relief"

Section 142D defined the meaning of "net excess relief" for the purposes of the film tax relief provisions, but this section was repealed with effect from 1 January 2007.

• Section 142D was introduced by Finance Act 2005, section 65(1), as part of the rules governing film-related tax reliefs.
• The section provided a definition of "net excess relief," a concept used in calculating the tax relief available in connection with certain film expenditure.
• This section, along with the wider group of provisions in sections 136 to 144, was repealed by Finance Act 2006, section 178 and Schedule 26, Part 3(4).
• The repeal took effect from 1 January 2007, meaning these provisions no longer have any application for periods from that date onwards.