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New tax relief for museums and galleries

New tax relief for museums and galleries BUSINESS
 

The scope of the museums and galleries tax relief will be expanded to include permanent exhibitions from 1 April 2017. This measure was first announced at Autumn Statement 2017. This will enable eligible museums and galleries to claim tax relief for qualifying expenditure on new exhibitions, including those that tour.

The aim of the new tax relief is to encourage the creation of high quality museum and gallery exhibitions, as well as to support touring of exhibitions across the country and abroad, raising the UK’s profile internationally.

The tax relief available will be similar to other creative sector tax reliefs but designed to fit in with the way museums and galleries operate. The rates of relief will be set at 20% for non-touring exhibitions and 25% for touring exhibitions. The relief will be capped at £500,000 of qualifying expenditure per exhibition. The relief will initially be for a period of 5 years (until April 2022) but this will reviewed in 2020.

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