Section 1: Trading Profits Taxable at the Northern Ireland Rate Chapter 14
82.Chapter 14 modifies the operation of Part 15C of CTA 2009 (theatrical productions) in relation to expenditure incurred by a company which is a Northern Ireland company in an accounting period.
83.Part 15C of CTA 2009 provides for an additional deduction for qualifying expenditure on a qualifying theatrical production. This deduction together with any tax deductible theatrical production expenditure is deducted from the income arising from the theatrical production. Any resultant loss may be surrendered for a payable tax credit.
84.Chapter 14 of Part 8B provides that where all or some of the qualifying expenditure is Northern Ireland expenditure (as defined in new section 357U(2)(a)), the company is entitled to a supplementary deduction. The amount of the supplementary deduction is set to give the same cash value of the relief the company would have received if none of the expenditure were Northern Ireland expenditure.
85.Chapter 14 also ensures that the same amount of theatre tax credit is payable under section 1217K of CTA 2009 and that the restricted loss relief rules for theatre losses are maintained.