MGETR10070 - Museums and Galleries Exhibition Tax Relief: Loss surrender
If the additional deduction results in the separate trade incurring a loss within an accounting period, the company may surrender all or part of this loss for a payable tax credit. This is covered in detail in MGETR70100.
The payable tax credit for non-touring exhibitions is 40% of the amount of the loss surrendered; it is 45% for touring exhibitions. However, the maximum amount payable to a company is restricted for each exhibition:
- £80,000 for a non-touring exhibition
- £100,000 for a touring exhibition
For more information see Chapter 7.