Museums & Galleries Tax Relief
What is Museums & Galleries Tax Relief?
The relief allows for eligible museums and galleries to reclaim some of the costs of running exhibitions as a repayable tax credit. The exhibitions can be temporary, permanent or touring but this will then have an impact on the size of the claim.
When can Museums & Galleries Tax Relief be claimed?
The regime applies to companies between 1 April 2017 to 31 March 2022.
What are the rates that can be claimed?
Relief will apply at rates of 20% for non-touring exhibitions and at 25% for touring exhibitions and the relief will be capped at an equivalent of £500,000 of qualifying expenditure per exhibition. The relief is based on 80% of eligible expenditure, meaning the maximum cash saving will be £80,000 for non-touring exhibitions and £100,000 for touring exhibitions.
Can I claim Museums & Galleries Tax Relief if I don’t pay corporation tax?
You do not have to pay corporation tax in order to make a claim. A charity is able to make a claim and most charities do not pay corporation tax due to a number of exemptions and reliefs that are available.
How do I make a claim for Museums & Galleries Tax Relief?
The claim is made in the company tax return form so if you have never had to file a tax return before, you would have to be set up in advance of making a claim for the tax relief.
How can Henderson Loggie help?
We have lots of experience in lodging claims for the the creative sector and we would be delighted to help you through the administration of your Museums & Galleries Tax Relief claim.
Get in touch with a member of our Tourism & Hospitality sector team.
OUR WORK IN THE SECTOR
Henderson Loggie provide the full range of audit, accountancy, tax and VAT services to Dundee Rep and Scottish Dance Theatre and most recently, with their specialist tax input, we were able to claim back a significant amount of Theatre Tax Relief to fund future productions.
Henderson Loggie is one of our key business partners, with a thorough understanding of our complex operating model. I have no hesitation in recommending them.
Nick Parr, Chief Executive
Dundee Rep and Scottish Dance Theatre