Corporation Tax Act 2010 section 357UV

Museums and galleries exhibition tax credit: Northern Ireland supplementary deduction ignored

Section 357UV requires that Northern Ireland supplementary deductions are excluded when calculating a company's surrenderable loss for the purposes of museums and galleries exhibition tax credit.

• When calculating the available loss that can be surrendered for museums and galleries exhibition tax credit, any Northern Ireland supplementary deduction must be disregarded.
• This applies to Northern Ireland supplementary deductions made in the current accounting period.
• It also applies to any Northern Ireland supplementary deductions made in any previous accounting periods.
• The effect is to prevent the Northern Ireland supplementary deduction from inflating the loss available for surrender as a tax credit.