SCHEDULES

SCHEDULE 2Transitionals and savings etc.

Part 3Trading income

Films and sound recordings

32

1

Sections 134 and 135 do not apply in relation to expenditure incurred by a person carrying on a trade which consists of or includes the exploitation of original master versions of films if—

a

the expenditure is incurred on the production or acquisition of an original master version of a film completed before 10th March 1992 (within the meaning of Chapter 9 of Part 2),

b

the original master version is a certified master version,

c

its value is expected to be realised over a period of not less than two years, and

d

the film is genuinely intended for theatrical release.

2

Sub-paragraph (1)(d) does not apply if—

a

the original master version of the film was certified before 17th April 2002 by the Secretary of State under Schedule 1 to the Films Act 1985 (c. 21) as a qualifying film, tape or disc, or

b

an application for such certification was received by the Secretary of State before that date.