Part 3Income tax, corporation tax and capital gains tax
Chapter 9Avoidance involving loss relief or partnership
Individuals benefited by film relief
122AF1Partners: 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.