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(1)The following provisions of this section define what is meant by “the total production expenditure in respect of the original master version” for the purposes of sections 139 and 140.
(2)“The total production expenditure in respect of the original master version” means the total of all the production expenditure in respect of the original master version—
(a)whenever the expenditure is incurred, and
(b)whether or not it is incurred by the person carrying on the trade.
(3)Any expenditure which—
(a)has not been paid at the time the film is completed, and
(b)is not, at that time, the subject of an unconditional obligation to pay within 4 months after the date of completion,
is ignored.
(4)Any part of the production expenditure in respect of the original master version which—
(a)is incurred by a person under or as a result of a transaction entered into directly or indirectly between that person and a connected person, and
(b)might have been expected to have been of a greater amount (“the arm’s length amount”) if the transaction had been between independent persons dealing at arm’s length,
is treated as having been of an amount equal to the arm’s length amount.
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Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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