Section 1218ZEA — Corporation Tax Act 2009: Clawback of provisional relief

Clawback of provisional relief 1218ZEA 1 If a statement is made under section 1218ZE(2) but it subsequently appears that the UK expenditure condition will not be met on the company’s ceasing to carry on the separate exhibition trade, the company—

a is not entitled to museums and galleries exhibition tax relief for any period for which its entitlement depended on such a statement, and b must amend accordingly its company tax return for any such period.

2 When a company ceases to carry on the separate exhibition trade, the company’s company tax return for the period in which that cessation occurs must—

a state that the company has ceased to carry on the separate exhibition trade, and b be accompanied by a final statement of the amount of the core expenditure on the production of the exhibition that is UK expenditure.

3 If that statement shows that the UK expenditure condition is not met—

a the company is not entitled to museums and galleries exhibition tax relief or to relief under section 1218ZDC (transfer of terminal losses) for any period, and b must amend accordingly its company tax return for any period for which such relief was claimed.

4 Any amendment or assessment necessary to give effect to this section may be made despite any limitation on the time within which an amendment or assessment may normally be made.