Section 1217N Provisional entitlement to reliefF1

(1)

In relation to a company that has made a claim under section 1217H in relation to a theatrical production, “interim accounting period” means any accounting period that—

(a)

is one in which the company carries on the separate theatrical trade, and

(b)

precedes the accounting period in which it ceases to do so.

(2)

A company is not entitled to relief under any of the relieving provisions for an interim accounting period unless—

(a)

its company tax return for the period states the amount of planned core expenditure on the theatrical production that is F2UK expenditure, and

(b)

that amount is such as to indicate that the UK expenditure condition (see section 1217GB) will be met in relation to the production.

If those requirements are met, the company is provisionally treated in relation to that period as if the UK expenditure condition were met.

C1(3)

In this section “the relieving provisions” means—

(a)

section 1217H (additional deduction),

(b)

section 1217K (theatre tax credits), and

(c)

section 1217MC (terminal losses).

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
F2: Word in s. 1217N(2) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 3 para. 5(2)(b) (with Sch. 3 para. 11)

Modifications

C1: S. 1217N(3) modified by 2010 c. 4, s. 357UI (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)

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)