F1PART 15DOrchestra tax relief
CHAPTER 2Taxation of activities of production company
Profits and losses of separate orchestral trade
1217QDCosts of the production
(1)
References in this Chapter to the costs of a production of a concert or concert series are to expenditure incurred by the company on—
(a)
activities involved in developing and putting on the concert or concert series, or
(b)
activities with a view to exploiting the concert or concert series.
(2)
This is subject to any provision of the Corporation Tax Acts prohibiting the making of a deduction, or restricting the extent to which a deduction is allowed, in calculating the profits of a trade.
(3)
Expenditure which, apart from this subsection, would be regarded as being of a capital nature only because it is incurred on the creation of an asset (the concert or concert series) is treated as being of a revenue nature.