Commentary

D7.12101 Museum and gallery exhibition production companies—calculation of profits and losses

Corporate tax
Corporate tax | Commentary

D7.12101 Museum and gallery exhibition production companies—calculation of profits and losses

Corporate tax | Commentary

D7.12101 Museum and gallery exhibition production companies—calculation of profits and losses

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. 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

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