Section 139 of the Income Tax (Trading and Other Income) Act 2005 (c. 5)
4(1)Section 139 of ITTOIA 2005 (certified master versions: production expenditure on limited-budget films) is amended as follows.
(2)In subsection (1), after paragraph (c) insert—
“(ca)the original master version was owned by that person at the time the film was completed,”.
(3)In that subsection omit “and” immediately before paragraph (e) and after that paragraph insert “, and
(f)there has not already been a disqualifying deduction in respect of expenditure relating to the film (see section 140A).”
(4)Subject to sub-paragraphs (5) and (6), the amendments made by this paragraph have effect for the year 2005-06 and subsequent years of assessment.
(5)Those amendments do not have effect in relation to any film which was in production on 2nd December 2004.
(6)The amendment made by sub-paragraph (2) does not have effect in relation to pre-announcement expenditure.