Commentary

D7.1222 Film production companies—provisional entitlement to relief

Corporate tax
Corporate tax | Commentary

D7.1222 Film production companies—provisional entitlement to relief

Corporate tax | Commentary

D7.1222 Film production companies—provisional entitlement to relief

The Secretary of State may grant an interim certificate (see D7.1219) certifying that a film is a 'British film', thereby entitling it to film tax relief. In addition to film tax relief, certification as a British film also enables a qualifying film to transfer its terminal losses to another qualifying film (see D7.1210).

The rules governing provisional entitlement to relief1 for films where an interim certificate has been granted ensure that companies which are entitled to relief can obtain it in the relevant accounting period, without having to wait until the film is completed. To that end, there are provisions for clawing back the relief if, on completion of the film, a final certificate is not issued.

Interim accounting periods

Interim accounting periods are accounting periods earlier than that in which either the film was completed, or film-making activities in respect of the film were abandoned2.

In order to claim relief for any interim accounting period, the

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