HMRC have issued guidance on the withdrawal of Extra-Statutory Concession (ESC) A94: Theatre Angels, removing the ability to treat distributions of profits as deductible expenses.
The ESC will be withdrawn from 31 March 2017 onwards.
The withdrawal of the ESC will affect the future of payments made to individual investors from theatrical productions which they have backed as "Theatre angels". The effect is that these will no longer be deductible for the production and will be taxed as profit distributions for the individuals.
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HMRC: Withdrawal of Extra-Statutory Concession (ESC) A94: Theatre Angels
