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CLAUSE 72: EXPENDITURE
ON FILM PRODUCTION ETC.
SUMMARY
1. This
clause extends the expiry date of film tax relief for British qualifying
films with budgets not exceeding £15 million by three years, from
1 July 2002 to 1 July 2005.
DETAILS
OF THE CLAUSE
2.
The clause amends the end date for the favourable tax treatment of
certain expenditure on film production, provided for in section 48
of the Finance (No.2) Act 1997, from 1 July 1 2002 to 1 July 2005.
BACKGROUND
NOTE
3.
Section 48 of the Finance (No.2) Act 1997 provides for the immediate
write-off, on completion of the film, of expenditure on the production
or acquisition costs of British qualifying films with budgets not
exceeding £15 million.
4.
The relief applies to expenditure incurred between 2 July 1997 and
1 July 2002. Originally the relief was due to expire on 1 July 2000,
but this was extended to 1 July 2002 by virtue of section 62 Finance
Act 1999.
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