Section 1218ZCH — Corporation Tax Act 2009: Museums and galleries exhibition tax credit claimable if company has surrenderable loss

Museums and galleries exhibition tax credit claimable if company has surrenderable loss 1218ZCH 1 A company which qualifies for museums and galleries exhibition tax relief in relation to the production of an exhibition may claim a museums and galleries exhibition tax credit in relation to the production for an accounting period in which the company has a surrenderable loss.

2 Section 1218ZCI sets out how to calculate the amount of any surrenderable loss that the company has in the accounting period.

3 A company making a claim may surrender the whole or part of its surrenderable loss in the accounting period.

4 Subject to section 1218ZCK, the amount of the museums and galleries exhibition tax credit to which a company making a claim is entitled for the accounting period is—

a 45% of the amount of the loss surrendered if the exhibition is a touring exhibition (see section 1218ZAB), or b 40% of the amount of the loss surrendered if the exhibition is not a touring exhibition.

5 The company’s available loss for the accounting period (see section 1218ZCI(2)) is reduced by the amount surrendered.