Part 4Loss relief
Chapter 3Restrictions on trade loss relief for certain partners
Regulations
114Exclusion of amounts in calculating contribution to the firm or LLP
1
The Commissioners for Her Majesty’s Revenue and Customs may by regulations provide that any amount of a specified description is to be excluded in calculating—
a
the individual’s contribution to the firm for the purposes of section 104 or 110, or
b
the individual’s contribution to the LLP for the purposes of section 107.
2
“Specified” means specified in the regulations.
3
The regulations may—
a
make provision having retrospective effect,
b
contain incidental, supplemental, consequential and transitional provision and savings, and
c
make different provision for different cases or purposes.
4
The provision which may be made as a result of subsection (3)(b) includes provision amending or repealing any provision of an Act passed before FA 2005.
5
No regulations may be made under this section unless a draft of them has been laid before and approved by a resolution of the House of Commons.