Corporation Tax Act 2010 (c. 4)

Part 4 U.K. Loss relief

Chapter 3 U.K. Limited partners and members of limited liability partnerships

Introduction U.K.

55 Introduction to Chapter U.K.

(1) This Chapter restricts the amount of relief that may be given for any loss made by a company in a trade carried on by the company—

(a) as a limited partner (see sections 56 to 58), or

(b) as a member of a limited liability partnership (an “LLP”) (see sections 59 to 61).

(2) In this Chapter persons carrying on a trade in partnership are referred to collectively as a “firm”.