[F1 PART 15C U.K. Theatrical Productions

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

Modifications etc. (not altering text)

C1 Pt. 15C modified (with application in accordance with s. 17(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 17(1)(4)

The separate theatrical trade U.K.

1217IA Calculation of profits or losses of separate theatrical trade U.K.

(1) For the first period of account during which the separate theatrical trade is carried on, the following are brought into account—

(a) as a debit, the costs of the theatrical production incurred (and represented in work done) to date;

(b) as a credit, the proportion of the estimated total income from the production treated as earned at the end of that period.

(2) For subsequent periods of account the following are brought into account—

(a) as a debit, the difference between the amount (“C”) of the costs of the theatrical production incurred (and represented in work done) to date and the amount corresponding to C for the previous period, and

(b) as a credit, the difference between the proportion (“PI”) of the estimated total income from the production treated as earned at the end of that period and the amount corresponding to PI for the previous period.

(3) The proportion of the estimated total income treated as earned at the end of a period of account is—

where—

C is the total to date of costs incurred (and represented in work done);

T is the estimated total cost of the theatrical production;

I is the estimated total income from the theatrical production.]