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2. In these Regulations—
“ICTA” means the Income and Corporation Taxes Act 1988(1);
“ITTOIA” means the Income Tax (Trading and Other Income) Act 2005(2);
“relevant individual” means—
a limited partner (within the meaning in section 117 of ICTA),
a member of a limited liability partnership (within the meaning in section 118ZA(3) of ICTA), and
a general partner (that is, not a limited partner) who does not devote a significant amount of time to the trade (within the meaning in section 118ZH(4) of ICTA),
where the partnership carries on a relevant trade (within the meaning in section 122A(1) of the Finance Act 2004); and
“profit-sharing arrangements” has the meaning in section 850(6) of ITTOIA.
Section 118ZA was substituted by section 75 of the Finance Act 2001 (c. 9).
Section 118ZH was inserted by section 124(1) of the Finance Act 2004.
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