Income Tax (Trading and Other Income) Act 2005 section 608N

Exemptions: further provision

Section 608N gives the Treasury a regulation-making power to amend existing exemptions or create new exemptions from the tax charge on disguised investment management fees within Chapter 2A.

• The Treasury may make regulations to create new exemptions or modify existing ones, where an exemption means any full or partial relief from the Chapter 2A tax charge.
• Such regulations may delegate further law-making powers or grant discretion to any person.
• Regulations may have retrospective effect, but only where they do not restrict or reduce an existing exemption — they cannot retrospectively impose or increase a tax charge.
• Any draft statutory instrument containing these regulations must be laid before and approved by a resolution of the House of Commons before it can take effect.