Part 13Tax avoidance
Chapter 5Avoidance involving trading losses
Individuals claiming relief for film-related trading losses
802Exclusion of amounts in calculating capital contribution by a partner
1
This section applies if an individual makes a relevant claim for a film-related loss made by the individual in a trade as a partner in a firm.
2
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 the individual's capital contribution for the purposes of section 797.
3
“Specified” means specified in the regulations.
4
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.
5
The provision which may be made as a result of subsection (4)(b) includes provision amending or repealing any provision of an Act passed before FA 2005.
6
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.