19Temporary increase in orchestra tax creditU.K.
(1)This section applies where—
(a)a company’s activities in relation to a concert, or a series of concerts, are treated for corporation tax purposes as a trade separate from any other activities of the company by virtue of section 1217Q of CTA 2009 (separate orchestral trade), and
(b)the production process for the concert, or series of concerts, starts on or after 27 October 2021.
(2)In relation to the separate orchestral trade and an accounting period beginning on or after 27 October 2021 and ending on or before 31 March [F12025], section 1217RG(4) of CTA 2009 (amount of orchestra tax credit) has effect as if for “25%” there were substituted “50%”.
(3)In relation to the separate orchestral trade and an accounting period beginning on or after 1 April [F22025] and ending on or before 31 March [F22026], section 1217RG(4) of CTA 2009 (amount of orchestra tax credit) has effect as if for “25%” there were substituted “35%”.
(4)For the purposes of Part 15D of CTA 2009 (orchestra tax relief), where the company has an accounting period which begins before, but ends on or after, 27 October 2021, 1 April [F32025] or 1 April [F32026] (a “straddling period”)—
(a)so much of the straddling period as falls before the date in question, and so much of that period as falls on or after that date, are to be treated as separate accounting periods, and
(b)any amounts brought into account for the purposes of calculating for corporation tax purposes the profits of a trade for a straddling period are to be apportioned to the two separate accounting periods on a just and reasonable basis.
Textual Amendments
F1Word in s. 19(2) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(1)(b)
F2Words in s. 19(3) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(2)(b)
F3Words in s. 19(4) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(3)(b)