An exhibition production company may claim a repayable exhibition tax credit in respect of any accounting period in which it has a surrenderable loss1. A company may surrender all or part of its surrenderable loss in an accounting period2. The company's trading loss is reduced by the amount surrendered for the exhibition tax credit3. See HMRC's manuals at MGETR70110 for an illustrative calculation.
Amount of surrenderable loss
The surrenderable loss is the lower of4:
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•ÌýÌýÌýÌý the company's trading loss for that period (ignoring, if applicable, any Northern Ireland supplementary deduction (D7.1293) made in any previous accounting period5) in the separate exhibition trade, plus any brought forward losses from a previous accounting period that have not been surrendered for an exhibition tax credit6 or set off against current year profits7 of the exhibition trade (its 'available loss')
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•ÌýÌýÌýÌý the available qualifying expenditure
In the first period of account in which the trade is carried on, the available qualifying expenditure is
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