Introduction Details of the Section
2.Subsection (1) states that Part 15 of Corporation Tax Act (CTA) 2009 is amended.
3.Subsection (2) amends section 1184 to remove the definition of ‘limited budget film’. This means that only a single rate of film tax relief is payable on all films?
4.Subsection (3) amends section 1200(3) to change the rate of enhancement of the additional deduction to 100% for all films.
5.Subsection (4) amends section 1202 to a single rate of 25%.
6.Subsections (5) to (7) make consequential changes to omit references to limited budget films.
7.Subsection (8) states that the amendments made have effect in relation to films whose principal photography commenced before commencement day but are not completed by the commencement day.
8.Subsection (9) specifies that commencement day is specified by Treasury regulations but will not be before 1 April 2015.