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Corporation Tax Act 2009, Section 1217SB is up to date with all changes known to be in force on or before 16 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)Subsection (2) applies if a loss made in the separate orchestral trade is carried forward under section 45 [F2or 45B] of CTA 2010 to the completion period.
(2)So much (if any) of the loss as is not attributable to orchestra tax relief (see subsection (4)) may be treated for the purposes of [F3section 37 and Part 5 of CTA 2010] as if it were a loss made in the completion period.
(3)If a loss is made in the separate orchestral trade in the completion period, the amount of the loss that may be—
(a)deducted from total profits of the same or an earlier period under section 37 of CTA 2010, or
(b)surrendered as group relief under Part 5 of that Act,
is restricted to the amount (if any) that is not attributable to orchestra tax relief (see subsection (4)).
(4)The amount of a loss in any period that is attributable to orchestra tax relief is found by—
(a)calculating what the amount of the loss would have been if there had been no additional deduction under Chapter 3 in that or any earlier period, and
(b)deducting that amount from the total amount of the loss.
(5)This section does not apply to loss surrendered, or treated as carried forward, under section 1217SC (terminal losses).]
Textual Amendments
F1Pt. 15D inserted (with effect in accordance with Sch. 8 para. 17(1)(a) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 1
F2Words in s. 1217SB(1) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 45(2)
F3Words in s. 1217SB(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 45(3)
Modifications etc. (not altering text)
C1S. 1217SB modified by 2010 c. 4, s. 357UP (as inserted (with effect in accordance with Sch. 8 para. 18(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 14)
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