Section 1217KA | Amount of surrenderable loss ^F1

(1)The company's surrenderable loss in the accounting period is—^F1

(a)the company's available loss for the period in the separate theatrical trade (see subsections (2) and (3)), or^F1

(b)if less, the available qualifying expenditure for the period (see subsections (4) and (5)).^F1

(2)The company's available loss for an accounting period is—^F1

(3)The “relevant unused loss” of a company is so much of any available loss of the company for the previous accounting period as has not been—^F1

(a)surrendered under section 1217K, or^F1

(b)carried forward under section 45 or 45B of CTA 2010 and set against profits of the separate theatrical trade.^F1F2

(4)For the first period of account during which the separate theatrical trade is carried on, the available qualifying expenditure is the amount that is E for that period for the purposes of section 1217J(2).^F1

(5)For any period of account after the first, the available qualifying expenditure is—^F1

(6)If a period of account of the separate theatrical trade does not coincide with an accounting period, any necessary apportionments are to be made by reference to the number of days in the periods concerned.^F1