108 Meaning of “contribution to the LLP”
Income Tax Act 2007 (2007 c 3) | Legislation

108  Meaning of “contribution to the LLP”

(1)     For the purposes of section 107 the individual's contribution to the LLP at any time (“the relevant time”) is the sum of amounts A and B.

(2)     Amount A is the amount which the individual has contributed to the LLP as capital less so much of that amount (if any) as is within subsection (5).

(3)     In particular, the individual's share of any profits of the LLP is to be included in the amount which the individual has contributed to the LLP as capital so far as that share has been added

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Mortgagees and tenants

Mortgagee’s consent to grant of leaseIf a property is subject to a mortgage that prohibits leasing without the mortgagee’s consent, then written evidence of consent must be obtained prior to completion of the lease. On the grant of an underlease, mortgagee’s consent in respect of any mortgage over

LEXISNEXIS

Arms length management organisations (ALMOs)

Arms length management organisations (ALMOs)An arms length management organisation (ALMO) is a not-for-profit company that provides housing services on behalf of a local housing authority (LHA). Usually an ALMO is set up by the LHA to manage and improve all or part of its housing stock with the LHA

LEXISNEXIS

Indirect effect of EU law

Indirect effect of EU lawWhat is indirect effect of EU law?The doctrine of indirect effect, or consistent interpretation, is a duty that national courts have, as part of the Member State responsible for fulfilment of EU obligations, to interpret national law in light of EU law, especially with

LEXISNEXIS

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]

No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note has been produced in partnership with Guy Pendell, Liz Williams and Kushal Gandhi of CMS.This Practice Note covers the situation where the UK