Corporation Tax Act 2009 section 1218ZE

Provisional entitlement to relief

Section 1218ZE explains how a company producing a qualifying exhibition can claim museums and galleries exhibition tax relief on a provisional basis during interim accounting periods, before the exhibition trade has concluded.

• An interim accounting period is any period during which the company carries on its separate exhibition trade, prior to the accounting period in which it ceases to do so.
• To claim relief for an interim period, the company must include in its tax return a statement of the planned amount of core expenditure that qualifies as UK expenditure.
• The stated planned UK expenditure must be sufficient to indicate that the UK expenditure condition will ultimately be met.
• If both requirements are satisfied, the company is provisionally treated as having met the UK expenditure condition for that interim period.