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 20% of the amount of the loss surrendered; it is 25% 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.