PART 15D

Orchestra tax relief
CHAPTER 3

Orchestra tax relief

Orchestra tax credits

Orchestra tax credit claimable if company has surrenderable loss
1217RG
1
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.
2
Section 1217RH sets out how to calculate the amount of any surrenderable loss that the company has in the accounting period.
3
A company making a claim may surrender the whole or part of its surrenderable loss in the accounting period.
4
The amount of the orchestra tax credit to which a company making a claim is entitled for the accounting period is
45%
of the amount of the loss surrendered.
5
The company's available loss for the accounting period (see section 1217RH(2)) is reduced by the amount surrendered.
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
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)
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))
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)