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Income Tax Act 2007
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Changes over time for: Section 102
Version Superseded: 17/07/2014
Alternative versions:
- 06/04/2007- Amendment
- 13/10/2011
Point in time - 17/07/2014- Amendment
Status:
Point in time view as at 13/10/2011. This version of this provision has been superseded.
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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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