Section 114 — Income Tax Act 2007: Power to exclude other amounts

Power to exclude other amounts 114 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.