Income Tax (Trading and Other Income) Act 2005 (c. 5)

Part 2 U.K. Trading income

Chapter 9 U.K. Trade profits: F1 . . . sound recordings

Textual Amendments

F1 Pt. 2 Ch. 9: words in heading repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

Introduction U.K.

130 Expenditure to which this Chapter applies U.K.

(1) This Chapter makes provision about—

(a) expenditure incurred on the production or acquisition of the original master version of a F2 . . . sound recording, F3 . . .

(b) F3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) In this Chapter references to production expenditure are to expenditure incurred on the production of the original master version of a F4 . . . sound recording.

(3) In this Chapter references to acquisition expenditure are to expenditure incurred on the acquisition of the original master version of a F5 . . . sound recording.

(4) In this Chapter references to the original master version of a film or sound recording include any rights in the original master version of a F6 . . . sound recording that are held or acquired with it.

(5) In this Chapter references to production or acquisition expenditure do not include—

(a) interest (as to which, see section 29), or

(b) the incidental costs of obtaining finance (as to which, see sections 58 and 59).

(6) F7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) In this Chapter “any prohibitive rule” means any provision of the Income Tax Acts which—

(a) prohibits a deduction from being made, or

(b) restricts the extent to which it is allowed,

in calculating the profits of a trade.

Textual Amendments

F2 Words in s. 130(1)(a) repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

F3 S. 130(1)(b) and word repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

F4 Words in s. 130(2) repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

F5 Words in s. 130(3) repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

F6 Words in s. 130(4) repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

F7 130(6) repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

[F8 130A Chapter not to apply where cash basis used U.K.

Nothing in this Chapter applies in calculating the profits of a trade on the cash basis.]

Textual Amendments

F8 S. 130A inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 25

131 Meaning of “film” and related expressions U.K.

F9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 S. 131 repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

132 Meaning of “original master version” and “certified master version” U.K.

(1) In this Chapter “original master version” means—

(a) F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) in relation to a sound recording, the original master audio tape or disc.

(2) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F10 S. 132(1)(a) and following word repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

F11 S. 132(2)(3) repealed (with effect as mentioned in ss. 46, 47 of the repealing Act) by Finance Act 2006 (c. 25), s. 178, {Sch. 26 Pt. 3(4) Note 1}

133 Meaning of “relevant period” U.K.

In this Chapter “relevant period”, in relation to a trade, means—

(a) a period of account of the trade, or

(b) if no accounts of the trade are drawn up for a period, the basis period for a tax year.