Income Tax (Trading and Other Income) Act 2005 section 314

Regulations

Section 314 gives the Treasury the power to make regulations that control and refine the deduction available under section 312 for expenditure on energy-saving items in residential lettings.

• The Treasury can restrict or reduce the amount of expenditure qualifying for the energy-saving items deduction, or exclude entitlement to the deduction in specified circumstances.
• Where different people hold different interests in land that includes a building containing one or more dwelling-houses, the regulations can determine who is and who is not entitled to claim the deduction.
• Where a property business is carried on in partnership, or land is jointly or commonly owned, the regulations can set out how the deduction is to be apportioned between the parties, including apportionments to companies within the charge to corporation tax.
• The regulations may make different provision for different cases and may include incidental, supplemental, consequential and transitional provisions, as well as savings and rules about appeals relating to apportionments.