Commentary

D7.1294 Orchestra tax credit relief

Corporate tax
Corporate tax | Commentary

D7.1294 Orchestra tax credit relief

Corporate tax | Commentary

D7.1294 Orchestra tax credit relief

An orchestral production company may claim an orchestra tax credit in respect of any accounting period in which it has a surrenderable loss1. A company may surrender all or part of its surrenderable loss in an accounting period2. The company's trading loss is reduced by the amount surrendered for the orchestra tax credit3.

The surrenderable loss is the lower of4:

  1.  

    (a)     the company's trading loss for that period in the separate orchestral trade, plus any unsurrendered loss brought forward (its 'available loss'); and

  2.  

    (b)     the available qualifying expenditure

In the first period of account in which the

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