Income Tax Act 2007

148 (1) After the commencement of section 802, the Partnerships (Restrictions on Contributions to a Trade) Regulations 2006 (S.I. 2006/1639) have effect as if made under that section. U.K.

(2) The Regulations so have effect subject to the following modifications.

(3) They have effect as if in regulation 2—

(a) for the definition of “ICTA” there were substituted—

““ITA 2007” means the Income Tax Act 2007;”, and

(b) for the definition of “relevant individual” there were substituted—

““relevant individual” means—

(a) a limited partner (within the meaning given by section [F1 103A] of ITA 2007),

(b) a member of a limited liability partnership, or

(c) a non-active partner (within the meaning given by section [F2 103B] of ITA 2007),

where the partnership carries on a trade in which the individual makes a film-related loss (as defined in section 800(2) of ITA 2007) for which the individual makes a claim as mentioned in section 802(1) of that Act;”.

(4) They have effect as if in regulation 3(a) for “section 120 of the Finance Act 2004” there were substituted “ section 799 of ITA 2007 ”.

(5) They have effect as if in regulation 4—

(a) for “contribution to the trade”, wherever occurring, there were substituted “ capital contribution ”,

(b) for “section 119(2)(b) or (c) of the Finance Act 2004”, wherever occurring, there were substituted “ section 797(2)(b) of ITA 2007 ”, and

(c) for paragraph (c)(ii) there were substituted—

“(ii) the amount of income treated as received in accordance with section 797(5) of that Act.”

(6) See paragraph 35 of this Schedule for provision about the effect of the Partnerships (Restrictions on Contributions to a Trade) Regulations 2005 (S.I. 2005/2017) after the commencement of section 802.

Textual Amendments

F1 Word in Sch. 2 para. 148(3)(b) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 19(a), 21

F2 Word in Sch. 2 para. 148(3)(b) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 19(b), 21