Income Tax (Trading and Other Income) Act 2005 section 148FD

Cases where ss 148A to 148F do not apply: films

Section 148FD provides that the special long funding lease rules do not apply where a company leases out a film.

• Where a company is or has been the lessor under a long funding lease of a film, the long funding lease provisions in sections 148A to 148F are disapplied.
• This means the company's rental income from leasing a film is taxed under normal rules rather than the special long funding lease regime.
• The definition of "film" follows the same meaning used in Part 15 of the Corporation Tax Act 2009 (section 1181 of that Act).
• The exclusion applies regardless of whether the company is currently the lessor or was previously the lessor under the lease.