PART IV PROVISIONS RELATING TO THE SCHEDULE D CHARGE
CHAPTER VII PARTNERSHIPS AND SUCCESSIONS
F2Limited liability partnerships
118ZA Treatment of limited liability partnerships.
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
118ZBF3Restriction on relief: companies
Section 118 has effect in relation to a member of a limited liability partnership as in relation to a limited partner, but subject to sections 118ZC and 118ZD.
118ZC Member’s contribution to trade.
1
Subsection (3) of F5section 118 does not have effect in relation to a member of a limited liability partnership.
2
But, for the purposes of F6. . . section 118, such a member’s contribution to a trade at any time (“the relevant time”) is the greater of—
a
the amount subscribed by F7it, and
b
the amount of F8its liability on a winding up.
3
The amount subscribed by a member of a limited liability partnership is the amount which F9it has contributed to the limited liability partnership as capital, less so much of that amount (if any) as—
a
F9it has previously, directly or indirectly, drawn out or received back,
b
F9it so draws out or receives back during the period of five years beginning with the relevant time,
c
4
The amount of the liability of a member of a limited liability partnership on a winding up is the amount which—
a
F45
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118ZD Carry forward of unrelieved losses.
1
Where amounts relating to a trade carried on by a member of a limited liability partnership are, in any one or more F15accounting periods, prevented from being given or allowed by section F16. . . 118 as it applies otherwise than by virtue of this section (F17the member's“total unrelieved loss”), subsection (2) applies in each subsequent F18accounting period in which—
a
F19the member carries on the trade as a member of the limited liability partnership, and
b
any of F17the member's total unrelieved loss remains outstanding.
2
F20Sections 393A(1) and 403 (and section 118 as it applies in relation to those sections) shall have effect in the subsequent F21accounting period as if—
a
b
(if no loss is so sustained or incurred) a loss of that amount were so sustained or incurred.
3
To ascertain whether any (and, if so, how much) of a member’s total unrelieved loss remains outstanding in the subsequent F23accounting period, deduct from the amount of F24the member's total unrelieved loss the aggregate of—
Ss. 118ZA-118ZD and preceding cross-heading inserted (6.4.2001) by Limited Liability Partnerships Act 2000 (c. 12), ss. 10(1), 19(1); S.I. 2000/3316, art. 2