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If you’ve found yourself here, you’re probably looking to learn more about Museums and Galleries Exhibition Tax Relief (MGETR). After all, you could be eligible to claim a tax rebate for your new exhibition!
Read on to learn more about this fantastic UK government incentive, what you could be eligible for, and how you can claim Museums and Galleries Exhibition Tax Relief.Get a Free Consultation Today
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Museums and Galleries Exhibition Tax Relief is a tax credit incentive the UK government offers.
MGETR is designed to provide financial support to museums and galleries that want to create new exhibitions. The incentive covers both temporary and permanent exhibitions.
While drumming up cultural interest plays a big role in tax relief incentives, no cultural tests are required for museum or gallery exhibition locations to receive certification for MGETR.
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The amount of tax credit you can claim is dependent on several factors and the below qualifying expenditure.
Exhibitions in a permanent location can reclaim a maximum of 20% of production costs. No more than £80,000 will be repaid for an exhibition housed in a permanent location.
If the exhibition is to be toured, then a higher percentage can be claimed for tax relief. The cap is 25% in the case of exhibitions that are taken on the road. For touring exhibitions, it is not possible to reclaim more than £100,000.
In both cases, you can claim an additional deduction on either 80% of your core costs or all your goods and services expenditures received from the European Economic Area (EEA). This will reduce the amount of Corporation Tax you need to pay when you file your company tax return. The lower amount will be the additional deduction you can claim the Museums and Galleries Exhibition Tax Credit on.
The following four factors have to be fulfilled to be granted payable tax credit.
Even if your museum exhibition meets the criteria in the previous section, some exhibitions will not receive MEGTR if they fall into certain categories.
This tax relief is available for any primary production company or secondary production company that puts on a qualifying exhibition.
Primary and secondary production companies are classed as below:
Primary Production Company:
Secondary Production Company:
The museum exhibition cannot be a competition nor have any provable connection to an organised competition.
You will not be eligible for MEGTR if the primary intention is for the sale of the exhibited items.
Furthermore, the exhibition cannot be used for advertisement purposes or selling services.
No living creatures are allowed to be exhibited in MGETR-funded exhibitions.
In regards to MGETR, the definition of an exhibition is a curated display of an organised collection of objects or works displayed as scientific, historical, artistic or of cultural interest. A qualifying exhibition can also be a single object.
It is also not possible for the museum to feature a live performance. However, there is some leeway in cases where the live performance is an incidental element of the exhibition, and more than one venue is involved. Contact TaxBite today for bespoke advice.Start Your Claim Now
To be classified as a touring exhibition in relation to Museums and Galleries Exhibition Tax Relief, the following is required:
MGETR provides cultural venues with the financial resources to create exhibitions that can reach a larger section of the public.
The funding can be used for a wide range of purposes, whether that’s on promotion or increasing staff numbers, which translates into more visitors and a wider audience.
Members of the public who travel to the exhibition or museum will spend money at local businesses.
Successful applicants receive MGETR only one month after submitting the paperwork.
TaxBite’s motivated team of accountants are available to look after your MGETR claims. Our usual process to claim this relief can be found in the steps below:
Claims can be submitted or changed up to one year from the tax filing date. However, late claims will be accepted by HMRC in certain cases, so if you’re concerned, TaxBite will be delighted to provide detailed guidance.
Our team of chartered accountants regulated for a range of investment business activities are waiting to help eligible exhibition tax relief museums make a claim. So, if you are a limited liability partnership registered in the UK (i.e. a company wholly owned by a local authority), or a charitable company looking to claim MGETR or any other creative tax reliefs on your exhibition, contact TaxBite today to claim your payable tax credit!Get In Touch