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The following rules apply to accounting periods ending before 1 January 2024. From 1 January 2024 tax relief for films and TV productions is given through the audio-visual expenditure credit (AVEC), see D7.1202. The transition to the revised tax relief rules post 1 January 2024 is voluntary but will be obligatory for new productions from 1 April 2025 and for all productions from 1 April 2027, at which point the previous tax reliefs will cease. Where a company elects into the AVEC and the accounting period straddles 1 January 2024, expenditure is apportioned.

Losses incurred by a television production company in any accounting period while the programme is still in production can only be carried forward and set against future profits of that same trade¹. The accounting period in which the programme is completed is not necessarily the final accounting period. Where a programme has been