Video data with both ultra-high definition (UHD) resolution and high or enhanced dynamic range (EDR) data are coded in a backward-compatible layered stream which allows legacy decoders to extract an HD standard dynamic range (SDR) signal. In response to a base layer HD SDR signal, a predicted signal is generated using separate luma and chroma prediction models. In the luma predictor, luma pixel values of the predicted signal are computed based only on luma pixel values of the base layer, while in the chroma predictor, chroma pixel values of the predicted signal are computed based on both the luma and the chroma pixel values of the base layer. A residual signal is computed based on the input UHD EDR signal and the predicted signal. The base layer and the residual signal are coded separately to form a coded bitstream. A compatible dual-layer decoder is also presented.