ANNEX 1:: MINOR CHANGES IN THE LAW MADE BY THE BILL Powers to make regulation in relation to contributions and regulations already made
In the case of firms (not LLPs) the powers, in section 118ZN of ICTA and section 122A of FA 2004, are to make provisions excluding amounts from an individual’s contribution to the trade. Consequent on the move to “contribution to the firm”, this Act provides powers that operate in relation to an individual’s contribution to the firm.
The Act also treats regulations made under the powers in section 118ZN of ICTA and section 122A of FA 2004 as having been made, with suitable modifications, under corresponding powers in this Act. See sections 114(1), 802(2), Schedule 2 Part 5 (application of existing regulations under sections 114 and 802) and Schedule 2 Part 14 (individuals claiming for film-related trading losses).