Finance Act 2005

Section 140 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)

5 (1) Section 140 of ITTOIA 2005 (certified master versions: acquisition expenditure on limited-budget films) is amended as follows.

(2) In subsection (1)—

(a) omit paragraph (b),

(b) before paragraph (c) insert—

“(ba) the original master version has not previously been acquired by that person,”, and

(c) omit “and” immediately before paragraph (f) and after that paragraph insert “, and

(g) there has not already been a disqualifying deduction in respect of expenditure relating to the film (see section 140A).”

(3) Omit subsection (2).

(4) Subject to sub-paragraphs (5) to (7), the amendments made by this paragraph have effect for the year 2005-06 and subsequent years of assessment.

(5) Those amendments do not have effect in relation to any film which was in production on 2nd December 2004.

(6) The amendments made by sub-paragraphs (2)(a) and (3) do not have effect in a case where subsection (1)(g) of section 140 of ITTOIA 2005 (as inserted by this paragraph) would operate to prevent a deduction being made under that section, but for paragraph 6(3) of this Schedule (transitional provision in respect of pre-announcement expenditure).

(7) The amendment made by sub-paragraph (2)(b) does not have effect in relation to pre-announcement expenditure.