Museum and Galleries Tax Relief update – Autumn 2017
Museums and Galleries Tax Relief has passed into law following Royal Assent of the Finance Bill on 16 November. The legislation now forms Part 15E of CTA 2009.
The relief provides provide a subsidy of up to £100,000 per exhibition to not-for-profit organisations putting on exhibitions. It applies to expenditure incurred on or after 1 April 2017. There were no significant changes made to draft legislation when the bill passed through Parliament.
Given the certainty now afforded to the relief, which is intended to be available for at least five years, this is the ideal time to ensure that your plans are in place. This will ensure you receive the maximum benefit from the relief and that any charity-subsidiary arrangements are made with the appropriate legal agreements in place.
If you would like one of our tax experts to assess whether you are eligible to make a claim and advise on how you could maximise the benefit, please do not hesitate to contact Jamie Whale, Tax Manager on 020 7566 3786 or email@example.com.