Part 1 Limited Liability Partnerships: Treatment of Salaried Members
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 17 Partnerships

Section 74

Part 1 Limited Liability Partnerships: Treatment of Salaried Members

Main provision

1

In Part 9 of ITTOIA 2005 (partnerships) after section 863 (limited liability partnerships) insert—

“863A Limited liability partnerships: salaried members

(1)     Subsection (2) applies at any time when conditions A to C in sections 863B to 863D are met in the case of an individual (“Mâ€) who is a member of a limited liability partnership in relation to which section 863(1) applies.

(2)     For the purposes of the Income Tax Acts—

(a)     M is to be treated as being employed by the limited liability partnership under a contract of service instead of being a member of the partnership, and

(b)     accordingly, M's rights and duties as a member of the limited liability partnership are to be treated as rights and duties under that contract of service.

(3)     This section needs to be read with section 863G (anti-avoidance).

863B Condition A

(1)     The question of whether condition A is met is to be determined at the following times—

(a)     if relevant arrangements are in place—

(i)     at the beginning of the tax year 2014–15, or

(ii)     if later, when M becomes

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