Income Tax Act 2007 (c. 3)

Part 4 U.K. Loss relief

Chapter 3 U.K. Restrictions on trade loss relief for certain partners

F1 ... U.K.

Textual Amendments

F1 S. 114 cross-heading omitted and s. 114 heading substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 14, 21

114 [F1 Power to exclude other amounts ] U.K.

(1) The Commissioners for Her Majesty's Revenue and Customs may by regulations provide that any amount of a specified description is to be excluded in calculating—

(a) the individual's contribution to the firm for the purposes of section 104 or 110, or

(b) the individual's contribution to the LLP for the purposes of section 107.

(2) “Specified” means specified in the regulations.

(3) The regulations may—

(a) make provision having retrospective effect,

(b) contain incidental, supplemental, consequential and transitional provision and savings, and

(c) make different provision for different cases or purposes.

(4) The provision which may be made as a result of subsection (3)(b) includes provision amending or repealing any provision of an Act passed before FA 2005.

(5) No regulations may be made under this section unless a draft of them has been laid before and approved by a resolution of the House of Commons.