104 Restriction on reliefs for limited partners
Income Tax Act 2007 (2007 c 3) | Legislation

Limited partners

104  Restriction on reliefs for limited partners

(1)     This section applies if—

(a)     at a time in a tax year (“the relevant tax year”) an individual carries on a trade (“the relevant trade”) as a limited partner in a firm, and

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

(2)     There is a restriction on the amount of relief within subsection (3) which may be given to the individual for the loss.

(3)     The relief

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