[F11218ZAOverviewU.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(b)for such relief to be withdrawn if it turns out that conditions that must be met for such relief to be given are not actually met.]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
F1Pt. 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))