Section 1218ZA | Overview ^F1

(1)This Part is about the production of museum and gallery exhibitions, and applies for corporation tax purposes.^F1

(2)This Chapter explains what is meant by “exhibition” and “touring exhibition” and how a company comes to be treated as the primary production company or a secondary production company for an exhibition.^F1

(3)Chapter 2 is about the taxation of the activities of a production company and includes—^F1

(a)provision for the company’s activities in relation to its exhibition to be treated as a separate trade, and^F1

(b)provision about the calculation of the profits and losses of that trade.^F1

(4)Chapter 3 is about relief (called “museums and galleries exhibition tax relief”) which may be given to a production company in relation to an exhibition—^F1

(a)by way of additional deductions to be made in calculating the profits or losses of the company’s separate trade, or^F1

(b)by way of a payment (a “museums and galleries exhibition tax credit”) to be made on the company’s surrender of losses from that trade,^F1

and describes the conditions a company must meet to qualify for museums and galleries exhibition tax relief.

(5)Chapter 4 contains provision about the use of losses of the separate trade (including provision about relief for terminal losses).^F1

(6)Chapter 5 provides—^F1

(a)for relief under Chapters 3 and 4 to be given on a provisional basis, and^F1

(b)for such relief to be withdrawn if it turns out that conditions that must be met for such relief to be given are not actually met.^F1