Two new Regulations set out conditions for the enhanced rate of AVEC and the date from which applications for low-budget certificates can be made.
The Corporation Tax (Certification as Low-Budget Film) Regulations SI 2024/1009 set out the budget condition and creative connection condition and the necessary supporting evidence for those conditions for the purposes of the enhanced audio visual expenditure credit (AVEC).
The 53% enhanced AVEC rate is available for films which qualify as British under the Films Act 1985 Sch 1 and which also meet the budget and creative conditions tests.
The Regulations provide the following:
to qualify for the enhanced AVEC rate the film’s total core expenditure must not exceed £23.5m (enhanced AVEC is available in relation to £15m of the total);
in relation to the requirement for a director or scriptwriter to be a British citizen or otherwise resident in the UK where there...
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Two new Regulations set out conditions for the enhanced rate of AVEC and the date from which applications for low-budget certificates can be made.
The Corporation Tax (Certification as Low-Budget Film) Regulations SI 2024/1009 set out the budget condition and creative connection condition and the necessary supporting evidence for those conditions for the purposes of the enhanced audio visual expenditure credit (AVEC).
The 53% enhanced AVEC rate is available for films which qualify as British under the Films Act 1985 Sch 1 and which also meet the budget and creative conditions tests.
The Regulations provide the following:
to qualify for the enhanced AVEC rate the film’s total core expenditure must not exceed £23.5m (enhanced AVEC is available in relation to £15m of the total);
in relation to the requirement for a director or scriptwriter to be a British citizen or otherwise resident in the UK where there...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
