(1)This Chapter restricts the amount of relief that may be given for any loss made by an individual in a trade carried on by the individual as—
(a)a limited partner in any tax year (see sections [F1103A, 103C to 105, 113A and 114]),
(b)a member of a limited liability partnership (an “LLP”) in any tax year (see sections [F2103C, 103D, 107 to 109, 113A and 114]), or
(c)a non-active partner [F3(see sections 103B to 103D and 110 to 114) ].
(2)This Chapter also restricts the amount of relief that may be given for any loss made by an individual in a trade carried on by the individual as a partner in a firm if the trade consists of or includes the exploitation of films (see [F4section 115 ]).
[F5(2A)This Chapter also provides for no relief to be given for a loss made by an individual in a trade carried on by the individual as a partner in a firm in certain cases where some or all of the loss is allocated to the individual rather than a person who is not an individual (see section 116A).]
(3)This Chapter needs to be read with sections 791 to 795 (income tax charge recovering excess relief for losses made by individuals carrying on a trade in partnership).
(4)See also—
(a)sections 796 to 803 (income tax charge in relation to individuals claiming relief for film-related trading losses), and
(b)sections 804 to 809 (income tax charge in relation to individuals carrying on a trade in partnership claiming relief for licence-related trading losses).
Textual Amendments
F1Words in s. 102(1)(a) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(2)(a), 21
F2Words in s. 102(1)(b) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(2)(b), 21
F3Words in s. 102(1)(c) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(2)(c), 21
F4Words in s. 102(2) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(3), 21
F5S. 102(2A) inserted (with effect in accordance with Sch. 17 para. 14 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 para. 8(2)