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(1)For the purposes of sections 119 and 121 a loss is a “film-related loss” if the computation of profits or losses that it results from is made in accordance with any of the following—
sections 40A to 40C of the Finance (No. 2) Act 1992 (c. 48);
sections 41 to 43 of that Act;
section 48 of the Finance (No. 2) Act 1997 (c. 58).
(2)References in section 119 to “non-taxable” consideration are to consideration that (apart from section 119) is not chargeable to income tax; and the reference to “taxable” consideration is to be read accordingly.
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