Corporation Tax Act 2009 section 1218ZB

Separate exhibition trade

Section 1218ZB establishes that a qualifying company must treat each museum or gallery exhibition it produces as a separate trade for corporation tax purposes, and sets out when that separate trade begins and ends.

• A company that qualifies for museums and galleries exhibition tax relief must treat its activities relating to each exhibition as a trade separate from all its other activities, including other exhibitions.
• For a primary production company, the separate exhibition trade begins at the start of production at the first venue, or when it first receives income from the exhibition if that is earlier, and ends when the exhibition closes at its last venue.
• For a secondary production company, the separate exhibition trade begins at the start of production at the first venue for which it acts as secondary producer, or when it first receives income from the exhibition if that is earlier, and ends when the exhibition closes at the last venue for which it is the secondary producer.
• The requirement to maintain a separate exhibition trade applies only for as long as the company continues to qualify for the relief in relation to that particular exhibition.