Corporation Tax Act 2009 section 1218ZA

Overview

Section 1218ZA provides an overview of Part 15E of the Corporation Tax Act 2009, which deals with the corporation tax treatment of companies involved in producing museum and gallery exhibitions.

• Part 15E covers the production of museum and gallery exhibitions for corporation tax purposes, defining key terms such as "exhibition", "touring exhibition", and the roles of primary and secondary production companies.
• A production company's exhibition activities are treated as a separate trade, with specific rules for calculating profits and losses of that trade.
• Qualifying production companies may claim museums and galleries exhibition tax relief, either through additional deductions when calculating trade profits or losses, or through a tax credit payment in exchange for surrendering losses.
• Relief may be given on a provisional basis but can be withdrawn if the qualifying conditions turn out not to have been met.