Income Tax Act 2007 Schedule 2 paragraph 47

Power to amend requirements by Treasury order

Paragraph 47 of Schedule 2 provides a transitional rule limiting the application of the Treasury's power to amend share loss relief requirements in respect of older share issues.

• Section 144 gives the Treasury the power to amend by order the requirements that must be met for share loss relief
• This power does not apply to shares issued before 6 April 1998
• Shares issued on or after 6 April 1998 are fully subject to any Treasury amendments made under section 144
• The restriction preserves the original rules for investors who acquired qualifying shares before that date