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Finance (No. 2) Act 1992
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Rhagor o Adnoddau
Changes over time for: Section 40D
Version Superseded: 07/04/2005
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Point in time view as at 06/04/2005. This version of this provision has been superseded.
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40DF1 Election for sections 40A and 40B not to applyU.K.
(1)Sections 40A and 40B above do not apply to expenditure—
(a)in relation to which an election is made under this section [F2or under section 143 of ITTOIA 2005], and
(b)which meets the conditions in subsection (2) below.
(2)The conditions are that—
(a)the expenditure is incurred—
(i)by [F3a company within the charge to corporation tax carrying] on a trade or business which consists of or includes the exploitation of [F4original] master versions of films, and
(ii)on the production or acquisition of [F5the original master] version of a film,
(b)[F6the original master] version is certified by the Secretary of State under paragraph 3 of Schedule 1 to the Films Act 1985 as a qualifying film, tape or disc for the purposes of this section, and
(c)the value of [F7the original master] version is expected to be realisable over a period of not less than two years.
(3)An election under this section—
(a)must relate to all expenditure incurred (or to be incurred) on the production or acquisition of [F8the original master] version in question,
(b)must be made by giving notice to the Inland Revenue, in such form as the Board of Inland Revenue may determine, and
(c)is irrevocable.
(4)Notice under subsection (3)(b) above must be [F9given not later than two years after the end of the relevant period in which the master version of the film is completed.]
(5)In subsection (4) above “relevant period” has the same meaning as in section 40B above.
(6)For the purposes of subsection (4) above, [F10the original master] version of a film is completed—
(a)at the time when it is first in a form in which it can reasonably be regarded as ready for copies of it to be made and distributed for presentation to the public, or
(b)if the expenditure in question was incurred on the acquisition of [F10the original master] version and it was acquired after the time mentioned in paragraph (a) above, at the time it was acquired.
(7)An election may not be made under this section in relation to expenditure on [F11the original master] version of a film if a claim has been made in respect of any of that expenditure under section 41 or 42 below [F12or any of that expenditure is deducted under any of sections 137 to 140 of ITTOIA 2005 (corresponding income tax provisions)].
Textual Amendments
F1S. 40D 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. 40D(1)(a) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 456(2) (with Sch. 2)
F3Words in s. 40D(2)(a)(i) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 456(3) (with Sch. 2)
F4Word in s. 40D(2)(a)(i) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 21(2)(a)(i), 31(3)
F5Words in s. 40D(2)(a)(ii) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 21(2)(a)(ii), 31(3)
F6Words in s. 40D(2)(b) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 21(2)(b), 31(3)
F7Words in s. 40D(2)(c) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 21(2)(b), 31(3)
F8Words in s. 40D(3)(a) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 21(3), 31(3)
F9Words in s. 40D(4) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 456(4) (with Sch. 2)
F10Words in s. 40D(6) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 21(3), 31(3)
F11Words in s. 40D(7) substituted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), Sch. 3 paras. 21(4), 31(3)
F12Words in s. 40D(7) inserted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 456(5) (with Sch. 2)
Modifications etc. (not altering text)
C1S. 40D 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 paras. 116, 117
S. 40D restricted (24.7.2002 with application as mentioned in s. 99(3)-(6) of the amending Act) by 2002 c. 23, s. 99(1)(a)(2)(6)
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