Related Commentary  Related HMRC Manuals

380(1)  This section applies if–

(a)a trade or business is carried on by a firm,

(b)any of the partners in the firm is a company (a “company partner”), and

(c)a money debt is owed by or to the firm.

380(2)  In calculating the profits and losses of the trade or business for corporation tax purposes under section 1259 (calculation of firm's profits or losses), no credits or debits may be brought into account under this Part–

(a)in relation to the money debt, or

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