Income Tax Act 2007

102 Overview of Chapter

(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 104 to 106 and section 114),

(b) a member of a limited liability partnership (an “LLP”) in any tax year (see sections 107 to 109 and section 114), or

(c) a non-active partner in an early tax year (see sections 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 sections 115 and 116).

(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).