Section 1218ZDB | Use of losses in the completion period

(1)Subsection (2) applies if a loss made in the separate exhibition trade is carried forward under section 45 or 45B of CTA 2010 to the completion period.

(2)So much (if any) of the loss as is not attributable to museums and galleries exhibition tax relief (see subsection (4)) may be treated for the purposes of section 37 and Part 5 of CTA 2010 as if it were a loss made in the completion period.

(3)If a loss is made in the separate exhibition trade in the completion period, the amount of the loss that may be—

(a)deducted from total profits of the same or an earlier period under section 37 of CTA 2010, or

(b)surrendered as group relief under Part 5 of that Act,

is restricted to the amount (if any) that is not attributable to museums and galleries exhibition tax relief (see subsection (4)).

(4)The amount of a loss in any period that is attributable to museums and galleries exhibition tax relief is found by—

(a)calculating what the amount of the loss would have been if there had been no additional deduction under Chapter 3 in that or any earlier period, and

(b)deducting that amount from the total amount of the loss.

(5)This section does not apply to a loss surrendered, or treated as carried forward, under section 1218ZDC (terminal losses).