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Change 1
As published
21 Temporary increase in museums and galleries exhibition tax credit
(1) This section applies where—
(a) a company’s activities in relation to the production of an exhibition are treated for corporation tax purposes as a trade separate from any other activities of the company by virtue of section 1218ZB of CTA 2009 (separate exhibition trade), and
(b) the production stage for the exhibition begins on or after 27 October 2021.
(2) In relation to the separate exhibition trade and an accounting period beginning on or after 27 October 2021 and ending on or before 31 March 2025, section 1218ZCH(4) of CTA 2009 (amount of museums and galleries exhibition tax credit) has effect as if—
(a) in paragraph (a), for “25%” there were substituted “50%”, and
(b) in paragraph (b), for “20%” there were substituted “45%”.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) For the purposes of Part 15E of CTA 2009 (museums and galleries exhibition tax relief), where the company has an accounting period which begins before, but ends on or after, 27 October 2021 or 1 April 2025 (a “straddling period”)—
(a) so much of the straddling period as falls before the date in question, and so much of that period as falls on or after that date, are to be treated as separate accounting periods, and
(b) any amounts brought into account for the purposes of calculating for corporation tax purposes the profits of a trade for a straddling period are to be apportioned to the two separate accounting periods on a just and reasonable basis.
Your change, as a redline
21 Temporary increase in museums and galleries exhibition tax credit
(1) This section applies where—
(a) a company’s activities in relation to the production of an exhibition are treated for corporation tax purposes as a trade separate from any other activities of the company by virtue of section 1218ZB of CTA 2009 (separate exhibition trade), and
(b) the production stage for the exhibition begins on or after 27 October 2021.
(2) In relation to the separate exhibition trade and an accounting period beginning on or after 27 October 2021 and ending on or before 31 March 2025, section 1218ZCH(4) of CTA 2009 (amount of museums and galleries exhibition tax credit) has effect as if—
(a) in paragraph (a), for “25%” there were substituted “50%”, and
(b) in paragraph (b), for “20%” there were substituted “45%”.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) For the purposes of Part 15E of CTA 2009 (museums and galleries exhibition tax relief), where the company has an accounting period which begins before, but ends on or after, 27 October 2021 or 1 April 2025 (a “straddling period”)—
(a) so much of the straddling period as falls before the date in question, and so much of that period as falls on or after that date, are to be treated as separate accounting periods, and
(b) any amounts brought into account for the purposes of calculating for corporation tax purposes the profits of a trade for a straddling period are to be apportioned to the two separate accounting periods on a just and reasonable basis.
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