Section 32 — Finance Act 2014: Film tax relief

Film tax relief 32 1 Chapter 3 of Part 15 of CTA 2009 (film tax relief) is amended as follows.

2 In section 1198 (UK expenditure), in subsection (1), for “25%” substitute “ 10% ” . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 The amendment made by subsection (2) has effect in relation to films the principal photography of which is not completed before such day as the Treasury may specify by order. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 A specified day may be before the day on which the order is made, but may not be before 1 April 2014.

7 The Treasury may by order amend section 1198(1) of CTA 2009 (as amended and inserted by this section) in connection with an application for State aid approval.

8 In this section “ State aid approval ” means approval that the provision made by this section, to the extent that it constitutes the granting of aid to which any of the provisions of Article 107 or 108 of the Treaty on the Functioning of the European Union applies, is, or would be, compatible with the internal market, within the meaning of Article 107 of that Treaty.

9 An order under subsection (7) may—

a make incidental, supplemental, consequential, transitional or saving provision;

b contain provision having effect in relation to films mentioned in subsection (4).