Income Tax (Trading and Other Income) Act 2005

Election for sections 134 to 140 not to apply

143 Election for sections 134 to 140 not to apply

(1) A person carrying on a trade which consists of or includes the exploitation of original master versions of films may elect for sections 134 to 140 not to apply in relation to expenditure if—

(a) the person incurs expenditure on the production or acquisition of an original master version of a film,

(b) the original master version is a certified master version,

(c) its value is expected to be realisable over a period of not less than two years, and

(d) the film is genuinely intended for theatrical release.

(2) The election must relate to all expenditure—

(a) incurred, or

(b) to be incurred,

on the production or acquisition of the original master version in question.

(3) The election is irrevocable.

(4) The election must be made on or before the first anniversary of the normal self-assessment filing date for the tax year in which ends the relevant period in which the original master version of the film is completed.

(5) For this purpose a film is completed—

(a) at the time given by section 131(5), or

(b) if the expenditure is acquisition expenditure and the acquisition takes place after that time, at the time of the acquisition.

(6) No election may be made in relation to expenditure on the production or acquisition of an original master version of a film if any of that expenditure has been allocated—

(a) under any of sections 137 to 140 above, or

(b) under section 41 or 42 of F(No.2)A 1992.