Corporation Tax Act 2009

[F1 1218ZA Overview U.K.

(1) This Part is about the production of museum and gallery exhibitions, and applies for corporation tax purposes.

(2) This Chapter explains what is meant by “exhibition” and “touring exhibition” and how a company comes to be treated as the primary production company or a secondary production company for an exhibition.

(3) Chapter 2 is about the taxation of the activities of a production company and includes—

(a) provision for the company’s activities in relation to its exhibition to be treated as a separate trade, and

(b) provision about the calculation of the profits and losses of that trade.

(4) Chapter 3 is about relief (called “museums and galleries exhibition tax relief”) which may be given to a production company in relation to an exhibition—

(a) by way of additional deductions to be made in calculating the profits or losses of the company’s separate trade, or

(b) by way of a payment (a “museums and galleries exhibition tax credit”) to be made on the company’s surrender of losses from that trade,

and describes the conditions a company must meet to qualify for museums and galleries exhibition tax relief.

(5) Chapter 4 contains provision about the use of losses of the separate trade (including provision about relief for terminal losses).

(6) Chapter 5 provides—

(a) for relief under Chapters 3 and 4 to be given on a provisional basis, and

(b) for such relief to be withdrawn if it turns out that conditions that must be met for such relief to be given are not actually met.]

Textual Amendments

F1 Pt. 15E inserted (for specified purposes and with effect in accordance with Sch. 6 paras. 20, 21(1)(a) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 1 (with Sch. 6 para. 21(3))