Corporation Tax Act 2009 section 1217QF

Pre-trading expenditure

Section 1217QF deals with how expenditure incurred before an orchestral production company formally begins its separate orchestral trade can be brought into account as expenditure of that trade.

• Expenditure on concert production costs incurred before the separate orchestral trade begins can be treated as expenditure of that trade
• Such expenditure is treated as if it were incurred immediately after the company starts the separate orchestral trade
• If the expenditure has already been claimed for other tax purposes, the company must amend the relevant tax returns to correct this
• Any necessary amendments or assessments to correct earlier returns can be made even if normal time limits for amending returns have expired