To gain approval for setting up a trading company which will allow Leeds Museums & Galleries to claim Museums & Galleries Exhibitions Tax Relief (MGETR). This tax relief was set up by the Government in April 2017 and is designed to support organisations to create and tour public facing exhibitions by helping them to recover some of their production costs. This relief is only claimable by ‘qualifying companies’ who are either a charitable company or a company wholly owned by a charity or a local authority. In order to qualify, Leeds Museums & Galleries needs to set up a trading company which we intend naming LMG Exhibitions Ltd. Once established, LMG can begin reclaiming so it is important to do this as soon as possible since retrospective claims are not valid. The claim would be made following completion of the financial year end, meaning our first claim will be made mid-2023, for the year ended 31st March 2023. Given that the relief is to encourage innovation and change and to improve the visitor experience, 10% of the claim after costs will be retained by Leeds Museums & Galleries for reinvestment in the following financial year.
Decision type: Key
Reason Key: Financial Impact>£500K;
Decision status: Recommendations Approved
Wards affected: (All Wards);
Notice of proposed decision first published: 02/08/2022
Decision due: Not before 31st Aug 2022 by Director of City Development
Lead director: Director of City Development
Department: City Development
Contact: David Hopes, Head of Museums and Galleries 0113 378 4047 Email: email@example.com.
Consulted with colleagues in Finance and Legal since March 2022, as well as colleagues in other local authorities and charitable trusts who have successfully claimed MGETR.
Executive Member for Economy, Culture and Education