Paragraph 32

(1)

Sections 134 and 135 do not apply in relation to expenditure incurred by a person carrying on a trade which consists of or includes the exploitation of original master versions of films if—

(a)

the expenditure is incurred on the production or acquisition of an original master version of a film completed before 10th March 1992 (within the meaning of Chapter 9 of Part 2),

(b)

the original master version is a certified master version,

(c)

its value is expected to be realised over a period of not less than two years, and

(d)

the film is genuinely intended for theatrical release.

(2)

Sub-paragraph (1)(d) does not apply if—

(a)

the original master version of the film was certified before 17th April 2002 by the Secretary of State under Schedule 1 to the Films Act 1985 (c. 21) as a qualifying film, tape or disc, or

(b)

an application for such certification was received by the Secretary of State before that date.