OTR100030 - Orchestra Tax Relief: separate trade and elections
For the purposes of Orchestra Tax Relief, each concert is considered to be a separate trade.ÌýHowever, a company may electÌýto have a series of concerts treated as a single concert. If the first concert in the series falls before 1 April 2024, the election must be made before the first concert in the series is held.ÌýÌý
If the first concert in the series falls on or after 1 April 2024, the election must be madeÌý
beforeÌýthe first concert in the seriesÌýis heldÌýor
beforeÌýthe first company tax return which applies the separate trade treatment to a concert in the seriesÌýis submittedÌý
whichever is later.
»Ê¹ÚÌåÓýapp election should specify all the concerts to be included as part of the series. »Ê¹ÚÌåÓýapp length of the election is a matter for the company and may stretch over more than one accounting period.
»Ê¹ÚÌåÓýapp election is irrevocable. Once it has been made, it cannot be amended.
For more detailed information see Chapter 3 of this manual.