The Chief Officer, Culture & Economy, has approved:
• Set-up a trading company, LMG Exhibitions Ltd, with immediate effect (before 30th September 2022) to allow for a minimum six-month accounting period in the first year, should the council decide to reclaim tax relief for 2022/23.
• Begin claiming tax relief from the end of this financial year (2022-23), and thereafter on any viable claims. These will be considered as part of LCC’s overall tax forecasts and strategy so that the Council does not exceed the 5% VAT exemption. Key stakeholders from Finance will be engaged as part of the claims process.
• Appoint company directors.
• Consider other ways of utilising the trading company to deliver trading activities, particularly retail, catering and events.
• Return the proceeds to the local authority (minus the costs of each claim), reinvesting 25% in new exhibitions through Leeds Museums and Galleries.