Section 1218ZEA Clawback of provisional reliefF1

(1)

If a statement is made under section 1218ZE(2) but it subsequently appears that the F2UK expenditure condition will not be met on the company’s ceasing to carry on the separate exhibition trade, the company—

(a)

is not entitled to museums and galleries exhibition tax relief for any period for which its entitlement depended on such a statement, and

(b)

must amend accordingly its company tax return for any such period.

(2)

When a company ceases to carry on the separate exhibition trade, the company’s company tax return for the period in which that cessation occurs must—

(a)

state that the company has ceased to carry on the separate exhibition trade, and

(b)

be accompanied by a final statement of the amount of the core expenditure on the production of the exhibition that is F3UK expenditure.

(3)

If that statement shows that the F4UK expenditure condition is not met—

(a)

the company is not entitled to museums and galleries exhibition tax relief or to relief under section 1218ZDC (transfer of terminal losses) for any period, and

(b)

must amend accordingly its company tax return for any period for which such relief was claimed.

(4)

Any amendment or assessment necessary to give effect to this section may be made despite any limitation on the time within which an amendment or assessment may normally be made.

Annotations

Textual amendments

F1: Pt. 15E inserted (for specified purposes and with effect in accordance with Sch. 6 paras. 20, 21(1)(a) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 1 (with Sch. 6 para. 21(3))
F2: Word in s. 1218ZEA(1) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(2)(c) (with Sch. 5 para. 10)
F3: Word in s. 1218ZEA(2) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(2)(c) (with Sch. 5 para. 10)
F4: Word in s. 1218ZEA(3) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 5 para. 4(2)(c) (with Sch. 5 para. 10)

Notes on Part 15E

Modifications

C1: Pt. 15E modified by 2010 c. 4, s. 357UR(3) (as inserted (with effect in accordance with Sch. 6 para. 20 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 6 para. 17)
C2: Pt. 15E modified (temp.) (with application in accordance with s. 21(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 21(1)(4)