CIRD25130 - Intangible assets excluded from Schedule 29 as special tax rules apply: except as regards royalties: master versions of films and sound recordings

FA02/SCH29/PARA80

Expenditure on the production or acquisition of films and sound recordings are subject to special rules, which include provisions permitting the accelerated write-off for tax of films which meet certain qualifying conditions. See BIM56100 onwards. To preserve the effect of these rules assets of this nature are excluded from Schedule 29 (except as regards royalties).

As well as films, which qualify for the accelerated relief, the exclusion encompasses sound recordings and those films, which do not attract accelerated write-off.

The assets excluded also extend to master versions of audiotapes and discs brought within the special rules by ESC/B54.