Corporation Tax Act 2009 section 1218ZCH

Museums and galleries exhibition tax credit claimable if company has surrenderable loss

Section 1218ZCH allows a company that qualifies for museums and galleries exhibition tax relief to claim a tax credit where it has a surrenderable loss in the accounting period.

• A company qualifying for museums and galleries exhibition tax relief may claim a tax credit for any accounting period in which it has a surrenderable loss
• The company may choose to surrender all or part of its surrenderable loss when making a claim
• The tax credit is 45% of the surrendered loss for touring exhibitions, or 40% for non-touring exhibitions
• The company's available loss for the accounting period is reduced by the amount it surrenders