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The activities of an exhibition production company are treated as a separate exhibition trade of that company¹. The activities are separate from any other activities of the company, including any production activities relating to another exhibition². Profits and losses are therefore calculated separately for each exhibition that the company produces, which is important for the calculation of any relief due. Where the company is the primary production company for the exhibition, the trade begins at the earlier of the production stage of the exhibition and the first receipt of any income from the production of the exhibition³.

Secondary production companies are treated as beginning to carry on the separate trade at the earlier of the production stage at the first venue for which the company is responsible and the first receipt of any income from the production of the exhibition⁴.

Income is defined as all income from the production,