Income and Corporation Taxes Act 1988 (c. 1)

PART IV U.K. PROVISIONS RELATING TO THE SCHEDULE D CHARGE

CHAPTER VII U.K. PARTNERSHIPS AND SUCCESSIONS

[F1 Limited liability partnerships U.K.

Textual Amendments

F1 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

118ZB Restriction on relief. U.K.

[F2 (1)] Sections 117 and 118 have 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.]

[F3 (2) However, section 117 does not apply in relation to a loss sustained by an individual in a trade F4 . . . in a qualifying year of assessment within the meaning of section 118ZE.]

Textual Amendments

F2 S. 118ZB renumbered as s. 118ZB(1) (22.7.2004) by Finance Act 2004 (c. 12), s. 124(3)

F3 S. 118ZB(2) added (22.7.2004) by Finance Act 2004 (c. 12), s. 124(3)

F4 Words in s. 118ZB(2) repealed (retrospective to 2.12.2004 with effect in accordance with s. 72(7)-(11) of the repealing Act) by Finance Act 2005 (c. 7), s. 72(2)(12), Sch. 11 Pt. 2(4), Note