SCHEDULES
SCHEDULE 2Transitionals and savings
Part 14Tax avoidance
Individuals claiming relief for film-related trading losses
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.
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;
b
for the definition of “relevant individual” there were substituted—
“relevant individual” means—
a
a limited partner (within the meaning given by section F1103A of ITA 2007),
b
a member of a limited liability partnership, or
c
a non-active partner (within the meaning given by section F2103B 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.