32(1)Sections 134 and 135 do not apply in relation to expenditure incurred by a person carrying on a trade which consists of or includes the exploitation of original master versions of films if—U.K.
(a)the expenditure is incurred on the production or acquisition of an original master version of a film completed before 10th March 1992 (within the meaning of Chapter 9 of Part 2),
(b)the original master version is a certified master version,
(c)its value is expected to be realised over a period of not less than two years, and
(d)the film is genuinely intended for theatrical release.
(2)Sub-paragraph (1)(d) does not apply if—
(a)the original master version of the film was certified before 17th April 2002 by the Secretary of State under Schedule 1 to the Films Act 1985 (c. 21) as a qualifying film, tape or disc, or
(b)an application for such certification was received by the Secretary of State before that date.