Corporation Tax Act 2009 section 1217RG

Orchestra tax credit claimable if company has surrenderable loss

Section 1217RG allows a company that qualifies for orchestra tax relief to claim an orchestra tax credit where it has a surrenderable loss in an accounting period.

• A company qualifying for orchestra tax relief on a concert or concert series production may claim an orchestra tax credit in any accounting period where it has a surrenderable loss
• The company may choose to surrender all or part of its surrenderable loss for the accounting period
• The orchestra tax credit is calculated at 45% of the amount of loss surrendered
• The company's available loss for the accounting period is reduced by the amount it surrenders