Section 1218ZA — Corporation Tax Act 2009: Overview

Overview 1218ZA 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a for relief under Chapters 3 and 4 to be given on a provisional basis, and b for such relief to be withdrawn if it turns out that conditions that must be met for such relief to be given are not actually met.