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Income Tax Act 2007

Part 14: Tax avoidance

Transfers of assets abroad: non-transferors receiving benefit- exclusion of income arising before 10 March 1981

3382.A saving provision is included for section 740(7) of ICTA.

Individuals in partnership: recovery of excess reliefIndividuals claiming relief for film related trading losses

3383.Paragraphs have been added to make it explicit that the change from “contribution to the trade” in the source legislation to “contribution to the firm” does not affect references to provisions in this Act in various sections being taken, where necessary, as references to corresponding provisions in ICTA See Change 16 in Annex 1.

3384.The Partnership (Restrictions on Contributions to a Trade) Regulations 2006 (SI 2006/1639) are amended consequentially on the change from “contribution to the trade” in the source legislation to “contribution to the firm”. See Change 16 in Annex 1.

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