[F1142BMeaning of “deferred income agreement in respect of a film”U.K.
(1)For the purposes of section 142A, a “deferred income agreement in respect of a film” means an agreement which satisfies condition A or condition B.
(2)Condition A is that the agreement (whether or not it supplements or varies another agreement)—
(a)guarantees to any person an amount of income arising from the exploitation of the film, and
(b)has the effect that the last date of deferral is a date after the end of the 15 year period.
(3)Condition B is that the agreement—
(a)supplements or varies another agreement (“the earlier agreement”) which guarantees to any person an amount of income arising from the exploitation of the film, and
(b)has the effect that the last date of deferral is a date which is after the end of the 15 year period and after the last date of deferral (if any) in relation to the earlier agreement.
(4)The “last date of deferral” means the last date upon which an amount of the guaranteed income will or may arise.
(5)It does not matter whether any of the agreements mentioned in subsection (2) or (3) existed before 2nd December 2004.
(6)For the purposes of this section—
(a)“agreement” means an agreement or series of agreements, and
(b)an agreement “guarantees” an amount of income if the agreement, or any part of it, is designed to secure the receipt of that amount (or at least that amount) of income.]
Textual Amendments
F1Ss. 142A-142E and preceding cross-heading inserted (with effect as mentioned in s. 65(2) of the amending Act) by Finance Act 2005 (c. 7), s. 65(1)