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6(1)A film production company may claim a film tax credit for an accounting period in which it has a surrenderable loss.
(2)The amount of the company’s surrenderable loss in any period is equal to whichever is the less of—
(a)the amount of its trading loss for that period, and
(b)the available qualifying expenditure.
(3)For the first period of account during which the trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of paragraph 4(1).
(4)For any period of account after the first, the available qualifying expenditure is given by—
E - S
where—
E is the amount that is E for that period for the purposes of paragraph 4(2), and
S is the amount surrendered in the previous period, or (as the case may be) the aggregate amount of the amounts surrendered in previous periods, under paragraph 7.
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