[F11217RC“Core expenditure”U.K.
(1)In this Part “core expenditure”, in relation to the production of a concert or concert series, means expenditure on the activities involved in producing the concert or concert series.
(2)The reference in subsection (1) to “expenditure on the activities involved in producing the concert or concert series” includes expenditure on travel to and from a venue which is not a usual venue for concerts produced by the company.
(3)But that reference does not include—
(a)expenditure on any matters not directly involved with putting on the concert or concerts (for instance, financing, marketing, legal services[F2, storage, or the provision of incidental goods or services to members of the audience]),
(b)speculative expenditure on activities not involved with putting on the concert or concerts, and
(c)expenditure on the actual performance or performances (for instance, payments to musicians for their performances in the concert or concert series).
[F3(4)For the purposes of subsection (3)(a), expenditure by an educational body on teaching or training participants in a concert or concerts is expenditure on a matter not directly involved with putting on the concert or concerts, except to the extent that the teaching or training takes place as part of a rehearsal for the concert or concerts.
(5)In this section, “educational body” includes a body mentioned in section 71.]]
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. 1217RC(3)(a) substituted (with effect in accordance with Sch. 4 para. 3(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 4 para. 3(1)
F3S. 1217RC(4)(5) inserted (1.4.2022 in relation to a concert or series of concerts only where the production process starts on or after that date) by Finance Act 2022 (c. 3), s. 20(4)(5)