MGETR40020 | Museum and Galleries Exhibition Tax Relief; losses; brought forward

Losses that are brought forward from an earlier period may increase the losses that can be surrendered for Museums and Galleries Exhibition Tax Credit purposes provided that the losses brought forward are relevant unused losses i.e. losses due to the additional deduction not previously surrendered.

Calculation of surrenderable losses—S1201

Losses brought forward can augment current year losses for the purposes of calculating the surrenderable loss. The surrenderable loss is given by the formula L + RUL where

L is the amount of the loss for the period in the separate trade and

RUL is the amount of any unused relevant loss brought forward.

A relevant unused loss brought forward is one which has not been surrendered for a tax credit in previous years and has not been set against profits of the separate exhibition trade under ss45 or 45A of CTA 2010