Prem Pro Colour Grade / Lut Baked into Clip after upgrading version. No way to turn off?

After recently updating CC it appears that somehow a lut / grade has been baked into some footage. Even when removing all colour grading, unlinking and relinking it still remains. Both basic correction and creative do not show a lut in use but yet it is there.

One other odd thing, there is a red line under the fx button on the clip in the timeline which has appeared.

Any help / ideas would be much appreciated.

Many thanks,

Nick