Section 1218ZB | Separate exhibition trade ^F1

(1)Subsection (2) applies to a company in relation to an exhibition if, and only for so long as, the company qualifies for museums and galleries exhibition tax relief in relation to the production of the exhibition (see section 1218ZCA).

(2)The company’s activities in relation to the production of the exhibition are treated as a trade separate from any other activities of the company (including activities in relation to the production of any other exhibition).

(3)In this Part the separate trade mentioned in subsection (2) is called “the separate exhibition trade”.

(4)Subsections (5) and (6) apply where the company is the primary production company for the exhibition.

(5)The company is treated as beginning to carry on the separate exhibition trade—

(a)at the beginning of the production stage of the exhibition at the first venue at which it is held, or

(b)if earlier, at the time of the first receipt by the company of any income from the production of the exhibition.

(6)The company is treated as ceasing to carry on the separate trade when the exhibition closes at the last venue at which it is held.

(7)Subsections (8) and (9) apply where the company is a secondary production company for the exhibition.

(8)The company is treated as beginning to carry on the separate exhibition trade—

(a)at the beginning of the production stage of the exhibition at the first venue for which the company is the secondary production company, or

(b)if earlier, at the time of the first receipt by the company of any income from the production of the exhibition.

(9)The company is treated as ceasing to carry on the separate trade when the exhibition closes at the last venue for which the company is the secondary production company.