Part 8 U.K.Intangible fixed assets

Chapter 10 U.K.Excluded assets

Assets excluded from this Part except as respects royalties U.K.

810 Mutual trade or business U.K.

(1) Except as respects royalties, this Part does not apply to an intangible fixed asset so far as it is held for the purposes of any mutual trade or business.

(2) But see section 902(1) and (2) (which disapplies subsection (1) in relation to assets held for the purposes of life assurance business).

811 Sound recordings U.K.

(1) Except as respects royalties, this Part does not apply to an intangible fixed asset held by a company so far as it represents expenditure by the company on the production or acquisition of the master version of a sound recording.

(2) For this purpose—

(a) “sound recording” does not include a film soundtrack,

(b) “master version” means master tape or master audio disc of the recording, and

(c) references to the master version include any rights in the master version that are held or acquired with it.

812 Master versions of films U.K.

(1) Except as respects royalties, this Part does not apply to an intangible fixed asset held by a company so far as it represents expenditure by the company—

(a) on the production of the original master version of a film that began principal photography before 1 January 2007, or

(b) on the acquisition before 1 October 2007 of such an original master version.

(2) In this section—

(a) “film” has the same meaning as in Part 15 (see section 1181),

(b) “original master version” means the original negative, tape or disc, and

(c) references to the original master version of a film include—

(i) the original master version of the film soundtrack, if any, and

(ii) any rights in the original master version that are held or acquired with it.

Modifications etc. (not altering text)

C1 S. 812 applied (with modifications) by S.I. 2007/1050, regs. 3-12 (as amended (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 2 para. 131 (with Sch. 2 Pts. 1, 2))

813 Computer software treated as part of cost of related hardware U.K.

Except as respects royalties, this Part does not apply to an intangible fixed asset held by a company so far as it represents expenditure by the company on computer software that falls to be treated for accounting purposes as part of the costs of the related hardware.