Section 1217NA Clawback of provisional reliefF1

(1)

If a statement is made under section 1217N(2) but it subsequently appears that the F2UK expenditure condition will not be met on the company's ceasing to carry on the separate theatrical trade, the company—

(a)

is not entitled to relief under any of the relieving provisions for any period for which its entitlement depended on such a statement, and

(b)

must amend its company tax return for any such period accordingly.

(2)

When a company which has made a claim under section 1217H ceases to carry on the separate theatrical trade, the company's company tax return for the period in which that cessation occurs must—

(a)

state that the company has ceased to carry on the separate theatrical trade, and

(b)

be accompanied by a final statement of the amount of the core expenditure on the theatrical production that is F3UK expenditure.

(3)

If that statement shows that the F4UK expenditure condition is not met—

(a)

the company is not entitled to relief under any of the relieving provisions for any period,

(b)

the company is treated for corporation tax purposes as if section 1217H(3)(a) (treatment as a separate trade) did not apply in relation to the theatrical production for any period, and

(c)

accordingly, sections 1217MA and 1217MB (provisions about use of losses) do not apply in relation to the theatrical production for any period.

(4)

Where subsection (3) applies, the company must amend its company tax return for any period in which (or in any part of which) it was treated as carrying on a separate trade relating to the theatrical production.

(5)

Any amendment or assessment necessary to give effect to this section may be made despite any limitation on the time within which an amendment or assessment may normally be made.

(6)

In this section “the relieving provisions” has the same meaning as in section 1217N.

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. 1217NA(1) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 3 para. 5(2)(c) (with Sch. 3 para. 11)
F3: Word in s. 1217NA(2) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 3 para. 5(2)(c) (with Sch. 3 para. 11)
F4: Word in s. 1217NA(3) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 3 para. 5(2)(c) (with Sch. 3 para. 11)

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)