Section DS 4 — Income Tax Act 2007: Meaning of film reimbursement scheme

DS 4 Meaning of film reimbursement scheme Meaning (1) Film reimbursement scheme means an arrangement to which subsections (2) to (4) apply. Deduction allowed (2) The first requirement for a film reimbursement scheme is that it is a scheme under which a person may incur expenditure for which they are allowed a deduction under— (a) section DS 1 or DS 2 , or would be allowed a deduction in the absence of section DS 3 : (b) subpart DA (General rules), if the expenditure is for— (i) a film right: (ii) a right to an amount that is dependent on or calculated by reference to income from the rental, sale, use, or other exploitation of a film. Disposal of property (3) The second requirement for a film reimbursement scheme is that 1 of the following applies: (a) it enables the person or an associated person to dispose of property; or (b) it gives a right to the person or an associated person to dispose of property; or (c) it gives a right, the right creates an obligation for the person or an associated person, and the person or the associated person may meet the obligation by disposing of property. Consideration not film income (4) The third requirement for a film reimbursement scheme is that it is a scheme under which some or all of the consideration for the property would not be film income. Associated persons (5) For the purposes of subsection (3), a shareholder in a loss-attributing qualifying company and the company are associated persons, in addition to the associated persons described in subpart YB (Associated persons and nominees). Defined in this Act: amount , arrangement , associated person , deduction , film income , film reimbursement scheme , film right , income , loss-attributing qualifying company, shareholder , Compare: 2004 No 35 s DS 4 Section DS 4(5): substituted, on 1 April 2010 (applying for the 2010–11 and later income years), by section 96(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DS 4 list of defined terms 1973 version provisions : repealed, on 1 April 2010, by section 96(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DS 4 list of defined terms 1988 version provisions : repealed, on 1 April 2010, by section 96(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section DS 4 list of defined terms 1990 version provisions : repealed, on 1 April 2010, by section 96(4) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).