Section 802 — Income Tax Act 2007: Exclusion of amounts in calculating capital contribution by a partner

Exclusion of amounts in calculating capital contribution by a partner 802 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.