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Section 1217SB Use of losses in the completion periodF1C1

United Kingdom

(1)

Subsection (2) applies if a loss made in the separate orchestral trade is carried forward under section 45 F2or 45B of CTA 2010 to the completion period.

(2)

So much (if any) of the loss as is not attributable to orchestra tax relief (see subsection (4)) may be treated for the purposes of F3section 37 and Part 5 of CTA 2010 as if it were a loss made in the completion period.

(3)

If a loss is made in the separate orchestral trade in the completion period, the amount of the loss that may be—

(a)

deducted from total profits of the same or an earlier period under section 37 of CTA 2010, or

(b)

surrendered as group relief under Part 5 of that Act,

is restricted to the amount (if any) that is not attributable to orchestra tax relief (see subsection (4)).

(4)

The amount of a loss in any period that is attributable to orchestra tax relief is found by—

(a)

calculating what the amount of the loss would have been if there had been no additional deduction under Chapter 3 in that or any earlier period, and

(b)

deducting that amount from the total amount of the loss.

(5)

This section does not apply to loss surrendered, or treated as carried forward, under section 1217SC (terminal losses).

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

Words in s. 1217SB(1) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 45(2)

F3

Words in s. 1217SB(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 45(3)

Modifications

C1

S. 1217SB modified by 2010 c. 4, s. 357UP (as inserted (with effect in accordance with Sch. 8 para. 18(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 8 para. 14)

Notes on Part 15D

Modifications

C1

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)