- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2005)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 19/07/2006
Point in time view as at 06/04/2005. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Finance (No. 2) Act 1992, Section 40B.
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(1)In computing the profits or gains accruing to any [F2company within the charge to corporation tax] from a trade or business which consists of or includes the exploitation of [F3original] master versions of films, expenditure which is—
(a)incurred on the production or acquisition of [F4the original master] version of a film, and
(b)expenditure of a revenue nature (whether as a result of section 40A above or otherwise),
must be allocated to relevant periods in accordance with this section.
(2)Subsection (1) above does not apply if an election under section 40D below [F5or section 143 of ITTOIA 2005] has effect with respect to the expenditure.
(3)In this section “relevant period” means—
(a)a period for which the accounts of the trade or business concerned are made up, or
(b)if no accounts of the trade or business concerned are made [F6up for a period, the accounting period of the company.]
(4)The amount of expenditure falling within subsection (1) above which falls to be allocated to any relevant period is so much as is just and reasonable, having regard to—
(a)the amount of that expenditure which remains unallocated at the beginning of that period,
(b)the proportion which the estimated value of [F7the original master] version of the film which is realised in that period (whether by way of income or otherwise) bears to the aggregate of the value so realised and the estimated remaining value of [F7the original master] version at the end of that period, and
(c)the need to bring the whole of the expenditure falling within subsection (1) above into account over the time during which the value of [F7the original master] version is expected to be realised.
(5)In addition to any expenditure which is allocated to a relevant period in accordance with subsection (4) above, if a claim is made, there must also be allocated to that period so much of the unallocated expenditure as is specified in the claim and does not exceed the difference between—
(a)the amount allocated to that period in accordance with subsection (4) above, and
(b)the value of [F8the original master] version of the film which is realised in that period (whether by way of income or otherwise).
(6)A claim under subsection (5) above must be [F9made not later than two years after the end of the relevant period to which the claim relates.]
(7)In subsection (5) above “the unallocated expenditure”, in relation to a relevant period, is any expenditure falling within subsection (1) above—
(a)which does not fall to be allocated to that period in accordance with subsection (4) above, and
(b)which has not been allocated to any earlier relevant period in accordance with subsection (4) or (5) above [F10or section 135 of ITTOIA 2005 (income tax provision corresponding to this section)] .
Textual Amendments
F1S. 40B inserted (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, ss. 578, 579(1), Sch. 2 para. 82
F2Words in s. 40B(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 454(2) (with Sch. 2)
F3Word in s. 40B(1) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 19(2)(a), 31(3)
F4Words in s. 40B(1)(a) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 19(2)(b), 31(3)
F5Words in s. 40B(2) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 454(3) (with Sch. 2)
F6Words in s. 40B(3)(b) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 454(4) (with Sch. 2)
F7Words in s. 40B(4) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 19(3), 31(3)
F8Words in s. 40B(5) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 19(3), 31(3)
F9Words in s. 40B(6) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 454(5) (with Sch. 2)
F10Words in s. 40B(7)(b) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 454(6) (with Sch. 2)
Modifications etc. (not altering text)
C1S. 40B applied (with modifications) (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 579, Sch. 3 Pt. XIII para. 116
C2S. 40B modified (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 62(3)(12)
C3S. 40B modified (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 60(3)(10)
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