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Income Tax Act 2007

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Changes over time for: Section 102

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Version Superseded: 17/07/2014

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Point in time view as at 13/10/2011. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Income Tax Act 2007, Section 102. Help about Changes to Legislation

102Overview of ChapterU.K.
This section has no associated Explanatory Notes

(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 [F1103A, 103C to 105, 113A and 114]),

(b)a member of a limited liability partnership (an “LLP”) in any tax year (see sections [F2103C, 103D, 107 to 109, 113A and 114]), or

(c)a non-active partner [F3(see sections 103B to 103D and 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 [F4section 115 ]).

(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).

Textual Amendments

F1Words in s. 102(1)(a) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(2)(a), 21

F2Words in s. 102(1)(b) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(2)(b), 21

F3Words in s. 102(1)(c) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(2)(c), 21

F4Words in s. 102(2) substituted (retrospective to 6.4.2007) by Finance Act 2007 (c. 11), Sch. 4 paras. 7(3), 21

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