Income Tax Act 2007 section 251A

Powers to amend Chapters 2 to 4 by Treasury regulations

Section 251A gives the Treasury the power to amend, by regulations, the EIS rules concerning investor requirements, share requirements, and qualifying company requirements, subject to parliamentary approval.

• The Treasury may add to, repeal, or amend provisions in Chapter 2 (investor requirements), Chapter 3 (share requirements), and Chapter 4 (qualifying company requirements) by regulation.
• Regulations may make different provision for different cases and may include incidental, supplemental, consequential, and transitional provisions, including amendments to other Acts.
• Regulations may have retrospective effect within the current or previous tax year, provided they do not increase any person's tax liability.
• Any regulations under this section must be approved in draft by a resolution of the House of Commons before they can be made.