Part 3Income tax, corporation tax and capital gains tax
Chapter 9Avoidance involving loss relief or partnership
Individuals benefited by film relief
F1122APartners: meaning of “capital contribution to the trade”
(1)
This section applies for the purposes of section 119 where an individual makes a relevant claim (within the meaning of subsection (1)(a) of that section) in respect of a film-related loss sustained by him in a trade carried on in partnership (“the relevant trade”).
(2)
The Board may by regulations provide that for the purposes of determining under section 119—
(a)
whether an exit event within the meaning of subsection (2)(b) or (c) of that section occurs on or after 2nd December 2004, and
(b)
where such an event occurs on or after that date, the chargeable amount within the meaning of subsection (5) of that section,
any amount of a description specified in the regulations is to be excluded when computing the amount of the individual’s capital contribution to the relevant trade.
(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 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.