Income Tax Act 2007 section 809EZH

Powers to amend Chapter

Section 809EZH grants the Treasury power to amend the disguised investment management fees rules by making regulations, and sets out the parliamentary procedures that must be followed when doing so.

• The Treasury may change, by regulations, the definitions of "investment scheme", "participant" and "carried interest" used in this Chapter.
• Regulations may make different provision for different purposes and include incidental, supplemental, consequential, transitional provision and savings.
• Where regulations would increase any person's tax liability, a draft must be laid before and approved by the House of Commons before they can be made (affirmative procedure).
• All other regulations under this section are subject to annulment by resolution of the House of Commons (negative procedure).