A company which qualifies for orchestra tax relief in relation to the production of a concert or concert series may claim an orchestra tax credit in relation to the production for an accounting period in which the company has a surrenderable loss.

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

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

The amount of the orchestra tax credit to which a company making a claim is entitled for the accounting period is 25% of the amount of the loss surrendered.

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