Part 5 Carrying Forward Trade Losses in Certain Creative Industries
Finance (No 2) Act 2017 (2017 c 32) | Legislation

Part 5 Carrying Forward Trade Losses in Certain Creative Industries

Losses of film trade

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Chapter 4 of Part 15 of CTA 2009 (losses of separate film trade) is amended as follows.

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(1)     Section 1209 (restriction on use of losses while film in production) is amended as follows.

(2)     In subsection (2)—

(a)     after “45†insert “or 45Bâ€, and

(b)     for “set against†substitute “deducted fromâ€.

(3)     After subsection (2) insert—

“(3)     If the loss is carried forward under section 45 or 45B of CTA 2010 and deducted from profits of the separate film trade in a subsequent period, the deduction is to be ignored for the purposes of section 269ZB of CTA 2010 (restriction on deductions from trading profits).â€

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(1)     Section 1210 (use of losses in later periods) is amended as follows.

(2)     In subsection (2) after “45†insert “or 45Bâ€.

(3)     In subsection (3) for “loss relief†substitute “section 37 and Part 5 of CTA 2010â€.

(4)     In subsection (4) for “Subsection (5) applies†substitute “Subsections (5) and (5A) applyâ€.

(5)     In subsection (5) after paragraph (a) insert—

“(ab)     carried forward under section 45A of that Act to

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