Section 1218ZCH | Museums and galleries exhibition tax credit claimable if company has surrenderable loss

(1)A company which qualifies for museums and galleries exhibition tax relief in relation to the production of an exhibition may claim a museums and galleries exhibition tax credit in relation to the production for an accounting period in which the company has a surrenderable loss.

(2)Section 1218ZCI sets out how to calculate the amount of any surrenderable loss that the company has in the accounting period.

(3)A company making a claim may surrender the whole or part of its surrenderable loss in the accounting period.

(4)Subject to section 1218ZCK, the amount of the museums and galleries exhibition tax credit to which a company making a claim is entitled for the accounting period is—

(a)45% of the amount of the loss surrendered if the exhibition is a touring exhibition (see section 1218ZAB), or

(b)40% of the amount of the loss surrendered if the exhibition is not a touring exhibition.

(5)The company’s available loss for the accounting period (see section 1218ZCI(2)) is reduced by the amount surrendered.