Section 1217RG Orchestra tax credit claimable if company has surrenderable lossC2F1
United Kingdom
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.
Section 1217RH sets out how to calculate the amount of any surrenderable loss that the company has in the accounting period.
A company making a claim may surrender the whole or part of its surrenderable loss in the accounting period.
The amount of the orchestra tax credit to which a company making a claim is entitled for the accounting period is F245% of the amount of the loss surrendered.
The company's available loss for the accounting period (see section 1217RH(2)) is reduced by the amount surrendered.
Annotations
Textual amendments
- F1
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
- F2
Word in s. 1217RG(4) substituted (1.4.2025 in relation to accounting periods beginning on or after that date) by Finance (No. 2) Act 2024 (c. 12), s. 17(1)(3)
Modifications
- C1
S. 1217RG(4) modified (temp.) (with application in accordance with s. 19(1)-(3) of the amending Act) by Finance Act 2022 (c. 3), s. 19(1)-(3) (as amended (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(1)(b)(2)(b))
- C2
Pt. 15D modified (with application in accordance with s. 19(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 19(1)(4)