Legislation – Finance Act 2024
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Schedule 5Museum and gallery exhibitions
Part 1Amendments of Part 15E of CTA 2009
UK expenditure threshold to replace European expenditure threshold
4
(1)
In section 1218ZCC (European expenditure condition)—
(a)
in the heading, for “European” substitute “UK”
;
(b)
in subsection (1)—
(i)
for “European” (in both places it occurs) substitute “UK”
;
(ii)
for “25%” substitute “10%”
;
(c)
“(2)
In this Part “UK expenditure” means expenditure on goods or services that are used or consumed in the United Kingdom.”;
(d)
in subsection (3), for “European and non-European expenditure” substitute “expenditure that is and is not UK expenditure”
;
(e)
in subsection (5), for “European” substitute “UK”
.
(2)
In each of the following provisions, for “European” (in each place it occurs) substitute “UK”
—
(a)
section 1218ZCA(5) (need to meet European expenditure condition to qualify for relief);
(b)
section 1218ZE(2) (provisional satisfaction of European expenditure condition);
(c)
section 1218ZEA(1), (2) and (3) (European expenditure condition provisionally satisfied not later satisfied).
(3)
In section 1218ZFA (defined terms)—
(a)
omit the definitions of “European expenditure” and “European expenditure condition”;
(b)
““UK expenditure” has the meaning given by section 1218ZCC(2);
“UK expenditure condition” has the meaning given by section 1218ZCC(1).”
(4)
In Schedule 4 (index of defined expressions)—
(a)
omit the entries for “European expenditure (in Part 15E)” and “European expenditure condition (in Part 15E)”;
(b)
“UK expenditure (in Part 15E)
section 1218ZCC(2)”;
“UK expenditure condition (in Part 15E)
section 1218ZCC(1)”.
(5)
For transitional provision in relation to this paragraph, see paragraph 10.