107 Restriction on reliefs for members of LLPs
Income Tax Act 2007 (2007 c 3) | Legislation

Members of LLPs

107  Restriction on reliefs for members of LLPs

(1)     This section applies if—

(a)     an individual carries on a trade (“the relevant trade”) as a member of an LLP at a time in a tax year, and

(b)     the individual makes a loss in the relevant trade in the tax year (“the relevant tax year”).

(2)     But if the relevant tax year is an early tax year during which the individual carries on the relevant trade as a non-active partner . . .—

(a)     this section does not apply, and

(b)     section

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