Format-agnostic content rights (Score 1)

If I bought a film on VHS years ago and decided to get rid of my VHS player because it is getting old and will stop working shortly, would I be able to capture/encode the purchased VHS on to my computer. The recording will only be used for my personal use (on the same basis as the VHS was) and I will keep the original VHS, not sell it.

The core of the question - If I have paid for content on a particlar format (VHS), shouldn't I have the opportunity to transfer it to any other format (digital video) of my choice. Does the ruling on this differ if I live in the UK or the US?