Clause 39
Finance (No. 2) Bill
1:45 pm
Edward Balls (Economic Secretary, HM Treasury; Normanton, Labour)
I beg to move amendment No. 27, in clause 39, page 31, line 28 [Vol 1], leave out subsection (3) and insert—
‘(3) Whether this condition is met is determined for each accounting period of the film production company during which film-making activities are carried on in relation to the film, in accordance with the following rules.
(4) If at the end of an accounting period the film is intended for theatrical release, the condition is treated as having been met throughout that period (subject to subsection (5)(b)).
(5) If at the end of an accounting period the film is not intended for theatrical release, the condition—
(a) is treated as having been not met throughout that period, and
(b) cannot be met in any subsequent accounting period.
This does not affect any entitlement of the company to relief in an earlier accounting period for which the condition was met.'.