PART 15E

Museums and galleries exhibition tax relief
CHAPTER 3

Museums and galleries exhibition tax relief

Additional deduction

Amount of additional deduction
1218ZCF
1
The amount of an additional deduction to which a company is entitled as a result of a claim under section 1218ZCE is calculated as follows.
2
For the first period of account during which the separate exhibition trade is carried on, the amount of the additional deduction is E, where E is—
a
so much of the qualifying expenditure incurred to date as is
UK
expenditure
, or
b
if less, 80% of the total amount of qualifying expenditure incurred to date.
3
For any period of account after the first, the amount of the additional deduction is—
E − P
where E is—
1. so much of the qualifying expenditure incurred to date as is
UK
expenditure
, or
2. if less, 80% of the total amount of qualifying expenditure incurred to date, and
P is the total amount of the additional deductions given for previous periods.
4
The Treasury may by regulations amend the percentage specified in subsection (2) or (3).
5
If a period of account of the separate exhibition trade does not coincide with an accounting period, any necessary apportionments are to be made by reference to the number of days in the periods concerned.
Pt. 15E modified (temp.) (with application in accordance with s. 21(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 21(1)(4)
Pt. 15E modified by 2010 c. 4, s. 357UR(3) (as inserted (with effect in accordance with Sch. 6 para. 20 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 17)
Pt. 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))
Words in s. 1218ZCF substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 16(41) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
Word in s. 1218ZCF(2) substituted (with effect in accordance with Sch. 5 para. 11(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 5 para. 5(1) (with Sch. 5 para. 11)
Word in s. 1218ZCF(3) substituted (with effect in accordance with Sch. 5 para. 11(2) of the amending Act) by Finance Act 2024 (c. 3), Sch. 5 para. 5(1) (with Sch. 5 para. 11)