Corrected entry: During the film's intro, Paul McGann tells how his adversary, The Master, was finally bought to trial on the Planet Skaro and sentenced to death. Being put to death on Skaro is certainly not unbelievable, but it is very unlikely a Time Lord would ever venture there as it is also the birthplace of the enemy of all Time Lords, the Daleks. (Skaro is the home of the mutated Kaled race who become the machines.) Time factors aside, (as another person has already stated, time is only absolute on Gallifrey to a Time Lord), Skaro was a planet poisoned at an early age by war. And the sound effects during the Introduction would suggest that the Kaled race had already begun the mutation - therefore making this plot line very unlikely indeed.
Correction: According to Russell T Davies, this happened during the Great Time War when a peace treaty between the Time Lords and the Daleks was attempted. As part of this, the Time Lords handed The Master over to the Daleks for execution. It would be reasonable for the Daleks to do this on their home planet, Skaro.