Section 1217F OverviewF1
This Part contains provision about tax relief for production companies in respect of their theatrical productions.
Sections 1217FA to 1217FC define “production company” and “theatrical production”.
Section 1217G sets out the conditions a production company must meet to qualify for relief in relation to its theatrical production.
Section 1217H provides for relief by way of additional deductions in respect of certain expenditure (and section 1217J is about the amount of the additional deduction).
This Part also contains provision—
for a company that claims relief to be treated as carrying on a separate trade relating to the theatrical production (see section 1217H(3)), and
about the calculation of the profits and losses of that trade (see sections 1217I to 1217IF).
Sections 1217K to 1217KC—
provide for relief by way of payments (called “theatre tax credits”) to be made on the company's surrender of certain losses of that trade, and
set out an upper limit on relief, in connection with State aid legislation.
Sections 1217LA and 1217LB are about certain cases involving tax avoidance arrangements or arrangements entered into otherwise than for genuine commercial reasons.
Sections 1217M to 1217MC contain provision about the use of losses of the separate trade (including provision about relief for terminal losses).
Sections 1217N and 1217NA are concerned with the provisional nature of relief given for periods preceding the period in which the company ceases to carry on the separate theatrical trade.
Annotations
Textual amendments
- F1
Pt. 15C inserted (17.7.2014 for specified purposes and with effect in accordance with Sch. 4 para. 16 of the amending Act, 22.8.2014 in so far as not already in force) by Finance Act 2014 (c. 26), Sch. 4 paras. 1, 16; S.I. 2014/2228, art. 2
Notes on Part 15C
Modifications
- C1
Pt. 15C modified (with application in accordance with s. 17(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 17(1)(4)