F1PART 15DOrchestra tax relief
CHAPTER 3Orchestra tax relief
Orchestra tax credits
1217RGOrchestra tax credit claimable if company has surrenderable loss
1
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.
2
Section 1217RH 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 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.
5
The company's available loss for the accounting period (see section 1217RH(2)) is reduced by the amount surrendered.
Pt. 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