Section 1217P — Corporation Tax Act 2009: Overview

Overview 1217P 1 This Part is about the production of orchestral concerts, and applies for corporation tax purposes.

2 This Chapter explains what is meant by “orchestral concert” and how a company comes to be treated as the production company in relation to a concert.

3 Chapter 2 is about the taxation of the activities of a production company and includes—

a provision for the company's activities in relation to its concert, or its concert series, to be treated as a separate trade, and b provision about the calculation of the profits and losses of that trade.

4 Chapter 3 is about relief (called “orchestra tax relief”) which may be given to a production company in relation to its concert or concert series—

a by way of additional deductions to be made in calculating the profits or losses of the company's separate trade, or b by way of a payment (an “orchestra tax credit”) to be made on the company's surrender of losses from that trade, and describes the conditions a company must meet to qualify for orchestra tax relief.

5 Chapter 4 contains provision about the use of losses of the separate trade (including provision about relief for terminal losses).

6 Chapter 5 provides—

a for relief under Chapters 3 and 4 to be given on a provisional basis, and b for such relief to be withdrawn if it turns out that conditions that must be met for such relief to be given are not actually met.