Creative reliefs

18Increase in museums and galleries exhibition tax credit and removal of sunset

1

In section 1218ZCG(1) of CTA 2009—

a

omit paragraph (c) (date before which qualifying expenditure must be incurred), and

b

accordingly, omit the “and” before that paragraph, and, at the end of paragraph (a), insert “and”.

2

In section 1218ZCH(4) of that Act (amount of museums and galleries exhibition tax credit)—

a

in paragraph (a), for “25%” substitute “45%”, and

b

in paragraph (b), for “20%” substitute “40%”.

3

In section 21 of FA 2022 (which provided for a temporary increase in the amount of museums and galleries exhibition tax credit)—

a

omit subsection (3), and

b

in subsection (4), for “, 1 April 2025 or 1 April 2026” substitute “or 1 April 2025”.

4

The amendments made by subsections (2) and (3) have effect in relation to accounting periods beginning on or after 1 April 2025 (but see section 21(4) of FA 2022 for accounting periods which straddle that date).