Income Tax (Trading and Other Income) Act 2005 section 132

Meaning of "original master version" and "certified master version"

Section 132 defines the terms "original master version" and "certified master version" as used in the chapter dealing with the tax treatment of sound recordings.

  • An "original master version" of a sound recording means the original master audio tape or disc from which copies are produced.
  • The definitions previously covered films as well, but the film-related provisions were removed by the Finance Act 2006.
  • A "certified master version" was a concept linked to films certified under the Films Act 1985, but this too was removed by the Finance Act 2006.
  • These definitions underpin the special tax rules for sound recordings set out elsewhere in the chapter, including provisions rewritten from earlier Finance Acts.

Example

A music producer creates a new album. The first complete recording — the original master audio tape held in the studio — is the "original master version" for the purposes of this chapter. Any copies made from that master for distribution, whether on CD, vinyl, or digital format, are not themselves original master versions. The tax rules in this chapter that refer to original master versions apply to that specific master tape or disc, not to any subsequent copies.

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