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| (except Clauses 13 to 15, 26, 61, 91 and 106, Schedule 14, and new Clauses relating to the effect
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| of provisions of the Bill on section 18 of the Inheritance Tax Act 1984)
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| [SEVENTH and EIGHTH Sittings]
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| | Another Amendment (No. 47) proposed, in page 29, line 14 [Vol I], at the end to insert |
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| | the words ‘; but notwithstanding the provisions of this section, a company is only a “film |
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| | production company” if it meets the conditions for film tax relief as set out in section 38 |
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| | of this Act.’.—(Mrs Theresa Villiers). |
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| | Question proposed, That the Amendment be made. |
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| Clause 32, page 29, line 17 [Vol I], leave out lines 17 to 20 and insert— |
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| | ‘(a) | undertakes (whether on its own account or whether it is responsible to a |
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| | (i) | principal photography and post production of the film, and |
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| | (ii) | delivery of the completed film,’. |
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| Clause 32, page 29, line 18 [Vol I], leave out ‘pre-production’. |
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| Clause 32, page 29, line 22 [Vol I], leave out ‘pre-production,’. |
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| Clause 32, page 29 [Vol I], leave out lines 24 and 25. |
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| Clause 32, page 29, line 26 [Vol I], at end insert— |
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| | ‘(3A) | The Treasury may, by regulations— |
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| | (a) | amend subsection (3); and |
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| | (b) | provide that specified activities are or are not to be regarded for the |
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| | purposes of this Chapter as film making activities; |
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| | | and in this subsection “specified” means specified in the regulations.’. |
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| Clause 32, page 29, line 27 [Vol I], after ‘company’, insert ‘resident in the |
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| United Kingdom (and not resident in another place in accordance with the law of that |
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| place relating to taxation)’. |
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| Clause 34, page 30, line 19 [Vol I], after ‘on’, insert ‘development,’. |
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| Clause 35, page 30, line 36 [Vol 1], leave out from beginning to end of line 37 and |
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| insert ‘goods or services that are used or consumed in the United Kingdom’. |
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| Clause 35, page 30, line 37 [Vol I], at end insert— |
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| | | ‘But for the purposes of this subsection— |
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| | (a) | services provided in relation to rented equipment shall be considered to |
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| | have been performed in the United Kingdom where the equipment is used |
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| | in the United Kingdom; and |
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| | (b) | where goods are initially supplied in the United Kingdom, their |
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| | subsequent transport and use outside the United Kingdom shall not |
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| | prevent the relevant expenditure from being treated as UK expenditure.’. |
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| | Clause, as amended, agreed to. |
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| | Clauses 36 and 37 Agreed to. |
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| Schedule 4, page 165 [Vol I], leave out lines 15 to 17. |
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| Schedule 4, page 165, line 26 [Vol I], at end insert— |
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| | ‘(1A) | Where a company incurs expenditure on the development of a film that is |
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| | abandoned before pre-production and subsequently begins to carry on a trade |
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| | as a film production company in relation to another film, the expenditure may |
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| | be treated as expenditure of the trade of the second film and as if incurred |
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| | immediately after the company began to carry it on. Provided that the same |
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| | expenditure is not to be given more than once.’. |
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| Schedule 4, page 166, line 19 [Vol I], leave out paragraphs 7, 8 and 9 and |
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| | ‘7 | For the purposes of this Schedule profits and losses are calculated in |
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| | accordance with generally-accepted United Kingdom accounting principles.’. |
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| Schedule 4, page 167, line 4 [Vol I], at end insert ‘; and accordingly— |
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| | (a) | where, within six years of the end of the first period of account, it |
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| | becomes clear that the original estimates were incorrect, the film |
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| | production company can elect in writing to amend the original tax |
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| | computations to reflect the correct position; |
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| | (b) | income taxed under the provisions of paragraph 7 of this Schedule |
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| | shall not be taken into account for tax purposes in a subsequent period |
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| Schedule 4, page 167 [Vol I], leave out lines 6 to 17. |
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| Clause 39, page 31, line 28 [Vol 1], leave out subsection (3) and insert— |
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| | ‘(3) | Whether this condition is met is determined for each accounting period of the film |
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| | production company during which film-making activities are carried on in |
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| | relation to the film, in accordance with the following rules. |
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| | (4) | If at the end of an accounting period the film is intended for theatrical release, the |
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| | condition is treated as having been met throughout that period (subject to |
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| | (5) | If at the end of an accounting period the film is not intended for theatrical release, |
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| | (a) | is treated as having been not met throughout that period, and |
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| | (b) | cannot be met in any subsequent accounting period. |
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| | | This does not affect any entitlement of the company to relief in an earlier |
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| | accounting period for which the condition was met.’. |
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| Clause 39, page 31, line 28 [Vol I], leave out subsection (3) and insert— |
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| | ‘(3) | Whether this condition is met may be determined at any time after film making |
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| | activities begin, so long as the film is intended for theatrical release prior to |
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| | delivery of the completed film’. |
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| | Clause, as amended, Agreed to. |
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| Clause 41, page 32, line 4 [Vol I], at end insert ‘and expenditure incurred by a |
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| person which is reimbursed by a film production company shall be deemed to be |
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| expenditure by the film production company for the purposes of this section where it |
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| would have fallen within this section had it been incurred directly by the film production |
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| Schedule 5, page 170, line 5 [Vol I], after ‘pay’ insert ‘within 90 days of the |
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| claim being made, subject to sub-paragraphs (3) and (4) below,’. |
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| Schedule 5, page 173, line 33 [Vol I], leave out ‘that Chapter’ and insert |
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| ‘Chapter 3 of Part 3 of the Finance Act 2006’. |
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| | Schedule, as amended, Agreed to. |
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| | Clauses 43 and 44 Agreed to. |
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| Clause 45, page 33, line 21 [Vol I], leave out ‘qualifying’. |
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| Clause 45, page 33, line 26 [Vol I], leave out ‘qualifying’. |
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| Clause 45, page 33, line 32 [Vol I], leave out first ‘qualifying’. |
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| Clause 45, page 34, line 6 [Vol I], leave out from ‘Schedule 4’ to end of line 8. |
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| Clause 46, page 34, line 13 [Vol I], after ‘film’ insert ‘by a film production |
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| Clause 47, page 34, line 42 [Vol I], after ‘film’ insert ‘by a film production |
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| Clause 47, page 35, line 2 [Vol I], after ‘film’ insert ‘by a film production |
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| Clause 47, page 35, line 4 [Vol I], after ‘film’ insert ‘by a film production |
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| Clause 47, page 35, line 7 [Vol I], after ‘incurred’ insert ‘by a film production |
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| | Clauses 48 to 53 Agreed to. |
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| Clause 54, page 38, line 34 [Vol I], at end insert ‘at a rate that is less than an |
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