Section 1217P | Overview

(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(b)for such relief to be withdrawn if it turns out that conditions that must be met for such relief to be given are not actually met.