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.