Textual Amendments
F1Ss. 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
(1)Subsection (3) of section 117 does not have effect in relation to a member of a limited liability partnership.
(2)But, for the purposes of that section and 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 him, and
(b)the amount of his liability on a winding up.
(3)The amount subscribed by a member of a limited liability partnership is the amount which he has contributed to the limited liability partnership as capital, less so much of that amount (if any) as—
(a)he has previously, directly or indirectly, drawn out or received back,
(b)he so draws out or receives back during the period of five years beginning with the relevant time,
(c)he is or may be entitled so to draw out or receive back at any time when he is a member of the limited liability partnership, or
(d)he is or may be entitled to require another person to reimburse to him.
(4)The amount of the liability of a member of a limited liability partnership on a winding up is the amount which—
(a)he is liable to contribute to the assets of the limited liability partnership in the event of its being wound up, and
(b)he remains liable so to contribute for the period of at least five years beginning with the relevant time (or until it is wound up, if that happens before the end of that period).]
[F2(5)This section is subject to provision made by regulations under section 118ZN (partners: meaning of “contribution to the trade”).]
Textual Amendments
F2S. 118ZC(5) inserted (retrospective to 2.12.2004) by Finance Act 2005 (c. 7), s. 73(3)(5)