400 Film partnerships
Income Tax Act 2007 (2007 c 3) | Legislation

400  Film partnerships

(1)     This section applies in a tax year if—

(a)     the partnership (“the film partnership”) carries on a trade,

(b)     the profits or losses of the trade are calculated in accordance with Chapter 9 of Part 2 of ITTOIA 2005 (films etc),

(c)     the loan is secured on an asset or activity of another partnership (“the investment partnership”),

(d)     the individual to whom the loan is made (“A”) is or has been a member of the investment partnership, and

(e)     at any time in the year the proportion of the profits of the investment partnership to which A is entitled is less than the proportion of that partnership's capital contributed by A at that time.

(2)

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