Finance Act 2005

Transitional provision for films in production

8 (1) This paragraph applies in relation to relief under section 138 of ITTOIA 2005 in respect of any expenditure incurred on the acquisition of the original master version of a film which was in production on 2nd December 2004.

(2) No deduction is allowed under that section in respect of expenditure incurred by a person on the acquisition of that version if—

(a) the acquisition is not the first acquisition by that person of the original master version of the film, or

(b) a deduction has already been made under section 138, 138A or 140 of ITTOIA 2005, or a claim has already been made under section 42 of F(No 2)A 1992, in respect of expenditure incurred on another acquisition of that version.

(3) Where, in relation to any particular film, more than one deduction of the kind mentioned in sub-paragraph (2)(b) is made at the same time, the Inland Revenue may determine which of the deductions is to be regarded as made first for the purposes of this paragraph.

In this sub-paragraph references to a deduction of the kind mentioned in sub-paragraph (2)(b) are to be read as including references to a claim under section 42 of F(No 2)A 1992.

(4) For the purposes of this paragraph “the Inland Revenue” means any officer of the Board.

(5) This paragraph has effect for the year 2005-06 and subsequent years of assessment.