Section 802 | Exclusion 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.