Section 1217F — Corporation Tax Act 2009: Overview

Overview 1217F 1 This Part contains provision about tax relief for production companies in respect of their theatrical productions.

2 Sections 1217FA to 1217FC define “production company” and “theatrical production”.

3 Section 1217G sets out the conditions a production company must meet to qualify for relief in relation to its theatrical production.

4 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).

5 This Part also contains provision—

a 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 b about the calculation of the profits and losses of that trade (see sections 1217I to 1217IF).

6 Sections 1217K to 1217KC—

a 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 b set out an upper limit on relief, in connection with State aid legislation.

7 Sections 1217LA and 1217LB are about certain cases involving tax avoidance arrangements or arrangements entered into otherwise than for genuine commercial reasons.

8 Sections 1217M to 1217MC contain provision about the use of losses of the separate trade (including provision about relief for terminal losses).

9 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.