Section 812 | Master versions of films

(1)Except as respects royalties, this Part does not apply to an intangible fixed asset held by a company so far as it represents expenditure by the company—

(a)on the production of the original master version of a film that began principal photography before 1 January 2007, or

(b)on the acquisition before 1 October 2007 of such an original master version.

(2)In this section—

(a)“film” has the same meaning as in Part 15 (see section 1181),

(b)“original master version” means the original negative, tape or disc, and

(c)references to the original master version of a film include—

(i)the original master version of the film soundtrack, if any, and

(ii)any rights in the original master version that are held or acquired with it.