Legislation
Chapter 3 of the Finance Act 2006 removes the previous reliefs for expenditure on production or acquisition of the original master version of a film. In their place, it introduces
- a new and more modern tax treatment of film production activities by companies in general (in Schedule 4); and,
- a new company film tax relief for the production of culturally British films in particular (in Schedule 5).
The Finance Act 2006 (FA2006), Section 53(2) (Films and Sound Recordings: Power to Alter Dates) Order 2006 (SI 2006 No. 3265) amended certain dates in FA2006 to bring the new legislation into affect from 1 January 2007.
The Finance Act 2006 (FA2006), Section 53(1) (Films and Sound Recordings) (Appointed Day) Order 2006 (SI 2006 No. 3399) Commenced the new legislation from 1 January 2007.
The Corporate Tax (Surrender of Terminal Losses of Films and Claim for Relief) Regulations 2007 (SI 2007 No. 678) provided a framework for the surrender of terminal losses.
The Corporation Tax (Taxation of Films) (Transitional Provisions) Regulations 2007 (SI 2007 No. 1050) provided for the new rules to apply to films uncompleted at 1 January 2007.
