Finance Act 1996

32 (1) Section 68 of the Capital Allowances Act 1990 (exclusion of certain expenditure relating to films, tapes and discs) shall be amended in accordance with the following provisions of this paragraph.

(2) In subsection (5) (claim to be made not later than two years after the end of the relevant period) for “not later than two years after the end of that period” there shall be substituted “within the period specified in subsection (5A) below”.

(3) After that subsection there shall be inserted—

“(5A) The period mentioned in subsection (5) above is—

(a) for the purposes of income tax, the period ending with the first anniversary of the 31st January next following the year of assessment in which ends the relevant period mentioned in that subsection;

(b) for the purposes of corporation tax, the period of two years beginning at the end of the relevant period mentioned in that subsection.”

(4) In subsection (9A)(b) (election to be made by giving notice to the inspector not later than two years after the end of the relevant period in which the film etc. is completed)—

(a) for “the inspector” there shall be substituted “an officer of the Board”; and

(b) for “not later than two years after the end of the relevant period in which the film, tape or disc is completed” there shall be substituted “within the period specified in subsection (9AA) below”.

(5) After subsection (9A) there shall be inserted—

“(9AA) The period mentioned in subsection (9A)(b) above is—

(a) in the case of an election for the purposes of income tax, the period ending with the first anniversary of the 31st January next following the year of assessment in which ends the relevant period in which the film, tape or disc is completed;

(b) in the case of an election for the purposes of corporation tax, the period of two years beginning at the end of the relevant period in which the film, tape or disc is completed.”

(6) In subsection (9B) for “(9A)(b)” there shall be substituted “(9AA)”.