Section 1217NA — Corporation Tax Act 2009: Clawback of provisional relief

Clawback of provisional relief 1217NA 1 If a statement is made under section 1217N(2) but it subsequently appears that the UK 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 UK expenditure.

3 If that statement shows that the UK 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.