Corporation Tax Act 2009

[F1 Provisional entitlement to relief U.K.

Textual Amendments

F1 Pt. 15C inserted (17.7.2014 for specified purposes and with effect in accordance with Sch. 4 para. 16 of the amending Act, 22.8.2014 in so far as not already in force) by Finance Act 2014 (c. 26), Sch. 4 paras. 1, 16; S.I. 2014/2228, art. 2

1217N Provisional entitlement to relief U.K.

(1) In relation to a company that has made a claim under section 1217H in relation to a theatrical production, “interim accounting period” means any accounting period that—

(a) is one in which the company carries on the separate theatrical trade, and

(b) precedes the accounting period in which it ceases to do so.

(2) A company is not entitled to relief under any of the relieving provisions for an interim accounting period unless—

(a) its company tax return for the period states the amount of planned core expenditure on the theatrical production that is [F2 European] expenditure, and

(b) that amount is such as to indicate that the [F2 European] expenditure condition (see section 1217GB) will be met in relation to the production.

If those requirements are met, the company is provisionally treated in relation to that period as if the [F2 European] expenditure condition were met.

(3) In this section “the relieving provisions” means—

(a) section 1217H (additional deduction),

(b) section 1217K (theatre tax credits), and

(c) section 1217MC (terminal losses).

Textual Amendments

F2 Word in s. 1217N substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(30) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

Modifications etc. (not altering text)

C1 S. 1217N(3) modified by 2010 c. 4, s. 357UI (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)

1217NA Clawback of provisional relief U.K.

(1) If a statement is made under section 1217N(2) but it subsequently appears that the [F3 European] expenditure condition will not be met on the company's ceasing to carry on the separate theatrical trade, the company—

(a) is not entitled to relief under any of the relieving provisions for any period for which its entitlement depended on such a statement, and

(b) must amend its company tax return for any such period accordingly.

(2) When a company which has made a claim under section 1217H ceases to carry on the separate theatrical trade, the company's company tax return for the period in which that cessation occurs must—

(a) state that the company has ceased to carry on the separate theatrical trade, and

(b) be accompanied by a final statement of the amount of the core expenditure on the theatrical production that is [F3 European] expenditure.

(3) If that statement shows that the [F3 European] expenditure condition is not met—

(a) the company is not entitled to relief under any of the relieving provisions for any period,

(b) the company is treated for corporation tax purposes as if section 1217H(3)(a) (treatment as a separate trade) did not apply in relation to the theatrical production for any period, and

(c) accordingly, sections 1217MA and 1217MB (provisions about use of losses) do not apply in relation to the theatrical production for any period.

(4) Where subsection (3) applies, the company must amend its company tax return for any period in which (or in any part of which) it was treated as carrying on a separate trade relating to the theatrical production.

(5) Any amendment or assessment necessary to give effect to this section may be made despite any limitation on the time within which an amendment or assessment may normally be made.

(6) In this section “the relieving provisions” has the same meaning as in section 1217N.]

Textual Amendments

F3 Word in s. 1217NA substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(31) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)