- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/2000)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 22/03/2001
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(1)In section 68 of the of the M1Capital Allowances Act 1990 (expenditure relating to films, tapes and discs), for subsection (1) substitute—
“(1)Expenditure incurred on the production or acquisition of a film, tape or disc shall be regarded for the purposes of the Tax Acts as expenditure of a revenue nature, subject to any election under subsection (9) below.”.
(2)For subsection (2) of that section substitute—
“(2)In this section any reference to a film, tape or disc is to the master negative, master tape or master audio disc of a film as defined in section 43 of the Finance (No.2) Act 1992.
Any such reference includes a reference to any rights in the film (or its soundtrack) that are held or acquired with the master negative, master tape or master audio disc.”.
(3)In section 42 of the M2Finance (No.2) Act 1992 (relief for production or acquisition expenditure), for subsection (9) substitute—
“(9)This section has effect in relation to expenditure incurred—
(a)on the production of a film completed on or after 10th March 1992, or
(b)on the acquisition of the master negative, master tape or master disc of a film completed on or after that date.”.
(4)In section 43 of that Act (interpretation)—
(a)in subsection (2)(b) (treatment of acquisition of rights in film), for “any description of rights in it" substitute “ any rights in the film (or its soundtrack) that are held or acquired with the master negative, master tape or master audio disc ”; and
(b)in subsection (3), omit paragraph (b) and the word “or" preceding it.
(5)This section applies to expenditure on the production of a film—
(a)if the first day of principal photography is on or after 21st March 2000, or
(b)if the first day of principal photography is before that date but—
(i)the film is completed on or after that date, and
(ii)the person incurring the expenditure elects that the provisions of this section should apply.
For this purpose a film is completed 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 general public.
Any election under paragraph (b)(ii) above, once made, is irrevocable.
(6)This section applies to expenditure incurred on the acquisition of a master negative, master tape or master audio disc of a film (as defined in section 43 of the M3Finance (No.2) Act 1992) on or after 6th April 2000.
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