Income Tax (Trading and Other Income) Act 2005 section 137

Certified master versions: preliminary expenditure

Section 137 dealt with the tax treatment of preliminary expenditure incurred in producing certified master versions of film, but was repealed with effect from 1 January 2007.

• Section 137 was part of a group of provisions (sections 136–144) concerning the tax treatment of expenditure on certified master versions of film.
• These provisions addressed how preliminary costs incurred before a master version was certified should be handled for income tax purposes.
• All of these sections, including section 137, were repealed by Finance Act 2006, section 178, and Schedule 26, Part 3(4).
• The repeal took effect from 1 January 2007, meaning these rules no longer apply to any period from that date onwards.