Corporation Tax Act 2009 section 1218ZD

Application of sections 1218ZDA to 1218ZDC

Section 1218ZD establishes the scope of the loss provisions for separate exhibition trades under the museums and galleries exhibition tax relief.

• The loss provisions apply to companies treated as carrying on a separate trade in relation to producing an exhibition
• The separate trade concept means the exhibition production activities are ring-fenced from the company's other activities for tax purposes
• The "completion period" is defined as the accounting period in which the company ceases to carry on the separate exhibition trade
• This section acts as a gateway, setting the framework for the detailed loss rules that follow in sections 1218ZDA to 1218ZDC