Corporation Tax Act 2009 section 812

Master versions of films

Section 812 excludes certain film-related expenditure from the intangible fixed assets regime in Part 8, so that older film assets continue to be dealt with under previous tax rules rather than the intangible assets rules.

• The intangible fixed assets rules in Part 8 do not apply to expenditure on producing the original master version of a film where principal photography began before 1 January 2007
• The exclusion also covers the acquisition of such an original master version, provided the acquisition took place before 1 October 2007
• The original master version includes the original negative, tape or disc, any associated soundtrack, and any rights held or acquired with it
• The one exception to this exclusion is royalties — any royalty income or expenditure connected with these film assets remains within the Part 8 intangible fixed assets regime