New relief for museums
The treasury is consulting on a tax relief in order to encourage museums and galleries to create and organisze new exhibitions which will attract a wider audience.
Based on other creat tax sector reliefs the main features will :
The institution will need to be within the scope of corporation taxes.
The institution should also qualify as a museum or gallery as defined in the consultation.
The relief will take the form of an additional deduction for corporation tax purposes which can be surrendered for a payable tax credit.
This will apply from april 2017.