Films and sound recordings
31(1)This paragraph applies to—
(a)production expenditure in respect of the original master version of a film which (within the meaning of Chapter 9 of Part 2) was completed before 21st March 2000,
(b)production expenditure in respect of the original master version of a film which (within the meaning of that Chapter) is completed on or after that date, if the first day of principal photography was before that date (but see sub-paragraph (4)), and
(c)acquisition expenditure in respect of the original master version of a film which was incurred before 6th April 2000.
(2)For this purpose acquisition expenditure in respect of the original master version of a film includes the acquisition of any description of rights in the original master version of a film (whether or not held or acquired with it).
(3)In relation to expenditure to which this paragraph applies—
(a)section 130(4) applies with the omission of “that are held or acquired with it”,
(b)section 131(5) applies with the insertion at the end of “or, if the expenditure is acquisition expenditure and the acquisition takes place after that time, at the time of the acquisition”, and
(c)section 134(1) applies with the insertion after “acquisition expenditure,” of “and the expenditure would otherwise constitute capital expenditure on the provision of plant or machinery for the purposes of Part 2 of CAA 2001,”.
(4)This paragraph does not apply to expenditure falling within sub-paragraph (1)(b) if the person incurring the expenditure so elects.
(5)Any such election is irrevocable.