Museums and Galleries Exhibition Tax Relief: Making a claim: CT600
The production company should indicate that it is claiming Museums and Galleries Exhibition Tax Relief (MGETR) using the software with which it is submitting its return. Returns must be filed online. It should complete the relevant boxes below:
Description CT600 Version 3
Tax due 525
Creative tax credit 540
Amount claimed 545
Amount payable 570
Creative enhanced expenditure 665
Film/Creative tax relief n/a
Enhanced expenditure 670
Payable creative tax credit 885
Please note that CT600 Version 1 does not provide the relevant boxes needed to claim MGETR. CT600 Version 2 can only be used for accounting periods starting before 1 April 2015.
A production company incurs total expenditure of £250k on a qualifying exhibition. Of this expenditure, £200k is core expenditure. £150k (75%) of that core expenditure is EEA expenditure and £50k (25%) is non-EEA expenditure. The company is entitled to the following deductions:
- £250k ‘ordinary’ deduction for all the expenditure incurred in the separate exhibition trade, plus
- £150k additional deduction (the core EEA expenditure is less than 80% of £250k, so it all qualifies)
giving a total deduction of £400k.
The figure that should be entered in box 665 (the ‘enhanced expenditure figure’ referred to in the Notes) is £150k: the amount of the additional deduction.
See Chapter 7 for more details of the calculation.
The tax credit
If the company is claiming a payable Museums and Galleries Exhibition Tax Credit (MGETC), then it should enter the gross amount of the tax credit (before any payment of tax is due) in box 885.
See HMRC’s guide for more information about the CT600 form.