Textual Amendments
F1Ss. 118ZN, 118ZO and preceding cross-heading inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 73(1)(5)
(1)This section applies for the purposes of the application of any of the following provisions (“the relevant provisions”)—
(a)section 117 (restriction on relief for limited partners),
(b)that section as applied by section 118ZB in relation to a member of a limited liability partnership, and
(c)section 118ZE (restriction on relief for non-active partners),
to an amount which may be given to an individual under section 380 or 381 in respect of a relevant loss sustained by him in a trade (“the relevant trade”).
(2)The Board may by regulations provide that, for those purposes, any amount of a description specified in the regulations is to be excluded when computing the amount of the individual's contribution to the relevant trade at any time for the purposes of the relevant provisions.
(3)Regulations under this section may—
(a)make provision having effect before the date on which the regulations are made,
(b)make such supplementary, incidental, consequential or transitional provision as appears to the Board to be necessary or expedient, and
(c)make different provision for different cases or different purposes.
(4)The provision mentioned in subsection (3)(b) may include provision amending or repealing any provision of an Act passed before the passing of the Finance Act 2005.
(5)No regulations may be made under this section unless a draft has been laid before and approved by a resolution of the House of Commons.]