New guidelines have been announced detailing how the new museum and gallery tax relief will work come April 2017. Check out the key points below!
Who will qualify for the museum & gallery tax relief?
Government has proposed a new tax relief for museums and galleries. This is in an effort to “encourage the creation of more and high quality exhibitions, as well as to support touring of the best exhibitions across the country and abroad, raising the UK’s profile internationally.”
If you want your museum or gallery to qualify you must fit the proposed qualifiers by HMRC. These guidelines outline what a museum or gallery is.
For a museum this means:
- A building or place devoted to the conservation, exhibition and educational interpretation of collections having scientific, historical or artistic interest.
For a gallery this means:
- A building or place that is used for the exhibition and educational interpretation of a collection of objects having scientific, historical, or artistic interest.
You can qualify on a temporary basis. But the period when you open and close your exhibition must not exceed one year at a single location. Your exhibition can qualifying as touring, but only if evidence of intent to tour at more than one location can be provided during your planning process.
What will museum & gallery tax relief cover?
You will be able to use the tax relief against creative costs. Also, costs incurred through setting up temporary or touring exhibitions. You can’t claim the tax relief against expenses incurred from the day-to-day running of your museum or gallery.
For more information on the progress of this relief check out HMRC’s museums and galleries tax relief consultation.
Need some more advice on tax issues, or think you could qualify for tax relief? Give us a call on: 020 7717 8474, or email us at: firstname.lastname@example.org