MGETR30010 - Museums and Galleries Exhibition Tax Relief: Taxation: Separate exhibition trade

S1218ZB Part 15E Corporation Tax Act 2009 (CTA 2009)

Where a company is a Museums and Galleries Exhibition Production Company (MGEPC) for the purposes of Part 15E CTA 2009, a qualifying exhibition is treated as a separate exhibition trade if Museums and Galleries Exhibition Tax Relief (MGETR) is claimed in respect of that exhibition.

The profits and losses of the exhibition trade must be calculated separately from any other activities of the company (including any other exhibition).

In producing their statutory accounts, production companies can account for their costs and income in a number of ways.  This will vary according to their operating model and what they think best represents a true and fair view of the business.

The rules for MGETR therefore set out a consistent approach to calculating the taxable profits of the company’s separate exhibition trades where MGETR is claimed.  This approach is important when considering relief for losses.

There are special provisions which restrict the ways in which losses arising from a separate exhibition trade can be used and this will vary depending on whether or not the exhibition has been completed and if the trade has ceased. See Chapter 4 for more information about losses.

If no MGETR claim is made in respect of an exhibition, the rules for MGETR do not apply.  The exhibition is not treated as a separate exhibition trade and the special loss provisions do not apply.