14(1)The Secretary of State may make regulations for the purpose of eliminating, or reducing to such extent as may be prescribed, the Authority’s liability to tax in respect of—
(a)income and chargeable gains, or
(b)any prescribed class of income or chargeable gains.
(2)The regulations may, in particular, provide—
(a)for any elimination or reduction of liability to tax conferred by virtue of sub-paragraph (1) to be subject to prescribed conditions (including conditions requiring prescribed activities of the Authority to be carried out by persons other than the Authority), and
(b)for transactions entered into by the Authority not to be invalidated merely by reason of a contravention of any such conditions.
(3)The regulations may—
(a)for purposes connected with any elimination or reduction of liability to tax conferred by virtue of sub-paragraph (1), apply or modify any provision made by or under the Corporation Tax Acts (including provision made by Schedule 26),
(b)make different provision for different cases, and
(c)include such incidental, consequential, supplementary and transitional provision and savings as the Secretary of State may consider appropriate.
(4)Regulations under this paragraph—
(a)shall be made by statutory instrument, and
(b)require the consent of the Treasury.
(5)No regulations shall be made under this paragraph unless a draft of the statutory instrument containing the regulations has been laid before, and approved by a resolution of, the House of Commons.