Corporation Tax Act 2009 section 1217RK

No account to be taken of amount if unpaid

Section 1217RK requires that any production costs for a concert or concert series that remain unpaid four months after the end of a period of account must be excluded when calculating total costs for that period.

• When determining the costs incurred on a concert or concert series production at the end of a period of account, any amounts still unpaid four months after that period ends must be ignored.
• This rule ensures that only costs that have actually been settled within the four-month window are included in the cost calculations for orchestra tax relief purposes.
• If a cost is paid after the four-month deadline, it would not count towards the period of account in question, though it may be recognised in a later period.
• This provision operates alongside, and does not override, the separate rules that determine when costs are treated as being incurred.