Section 1217SB | Use of losses in the completion period ^F1

(1)Subsection (2) applies if a loss made in the separate orchestral trade is carried forward under section 45 or 45B of CTA 2010 to the completion period.^F1F2

(2)So much (if any) of the loss as is not attributable to orchestra tax relief (see subsection (4)) may be treated for the purposes of section 37 and Part 5 of CTA 2010 as if it were a loss made in the completion period.^F1F3

(3)If a loss is made in the separate orchestral trade in the completion period, the amount of the loss that may be—^F1

(a)deducted from total profits of the same or an earlier period under section 37 of CTA 2010, or^F1

(b)surrendered as group relief under Part 5 of that Act,^F1

is restricted to the amount (if any) that is not attributable to orchestra tax relief (see subsection (4)).

(4)The amount of a loss in any period that is attributable to orchestra tax relief is found by—^F1

(a)calculating what the amount of the loss would have been if there had been no additional deduction under Chapter 3 in that or any earlier period, and^F1

(b)deducting that amount from the total amount of the loss.^F1

(5)This section does not apply to loss surrendered, or treated as carried forward, under section 1217SC (terminal losses).^F1