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The activities of an orchestral production company are treated as a separate orchestral trade of that company¹. The activities are separate from any other activities of the company² and each concert is considered to be a separate trade³.

Profits and losses are calculated separately for each orchestral production that the company produces. Where a concert would be eligible for the relief and it forms part of a series of concerts the company may elect that the whole series be treated as one trade⁴. Such an election is irrevocable and must be made in writing to HMRC before the date of the first concert in the series or where the first concert take place on or after 1 April 2024 and if later, the date of submission of the first company tax return for a period in which a concert in the series is accounted for as a separate trade⁵.

The trade begins on the earlier of the pre-performance stage of the concert and the first