Corporation Tax Act 2009

[F1 1217K Theatre tax credit claimable if company has surrenderable loss U.K.

(1) A company which—

(a) is treated under section 1217H(3) as carrying on a separate trade during the whole or part of an accounting period, and

(b) has a surrenderable loss in that period,

may claim a theatre tax credit for that accounting period.

(2) Section 1217KA sets out how to calculate the amount of any surrenderable loss that the company has in the accounting period.

(3) A company making a claim may surrender the whole or part of its surrenderable loss in the accounting period.

(4) The amount of the theatre tax credit to which a company making a claim is entitled for the accounting period is—

(a) 25% of the amount of the loss surrendered if the theatrical production is a touring production, or

(b) 20% of the amount of the loss surrendered if the theatrical production is not a touring production.

(5) The company's available loss for the accounting period (see section 1217KA(2)) is reduced by the amount surrendered.

(6) A theatrical production is a “touring production” only if the company intends at the beginning of the production phase—

(a) that it will present performances of the production in 6 or more separate premises, or

(b) that it will present performances of the production in at least two separate premises and that the number of performances will be at least 14.

(7) See Schedule 18 to FA 1998 (in particular, Part 9D) for provision about the procedure for making claims under subsection (1).]

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)

C2 S. 1217K(4) modified (temp.) (with application in accordance with s. 17(1)-(3) of the amending Act) by Finance Act 2022 (c. 3), s. 17(1)-(3) (as amended (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(1)(a)(2)(a))