Section 1: Trading Profits Taxable at the Northern Ireland Rate Chapter 12
74.Chapter 12 modifies the operation of Part 15A of CTA 2009 (television production) in relation to expenditure incurred by a company which is a Northern Ireland company in an accounting period.
75.Part 15A of CTA 2009 provides for an additional deduction for qualifying expenditure on a qualifying relevant television programme. This deduction together with any tax deductible relevant television programme expenditure is deducted from the income arising from the relevant television programme. Any resultant loss may be surrendered for a payable tax credit.
76.Chapter 12 of Part 8B provides that where all or some of the qualifying expenditure is Northern Ireland expenditure (as defined in new section 357S(2)(a)), the company is entitled to a supplementary deduction. The amount of the supplementary deduction is set to give the same cash value of the relief the company would have received if none of the expenditure were Northern Ireland expenditure.
77.Chapter 12 also ensures that the same amount of television tax credit is payable under section 1216CH of CTA 2009 and that the restricted loss relief rules for television losses are maintained.