Related Commentary  Related HMRC Manuals

56(1)  This section applies if–

(a)at any time in an accounting period a company carries on a trade (“the limited partnership trade”) as a limited partner in a firm, and

(b)the company makes a loss in the limited partnership trade in that period (“the loss-making period”).

56(2)  There is a restriction on the amount of relief that may be given for the loss–

(a)under section 37 or 45A (relief for trade losses against total profits) other than against profits of the limited partnership trade,

(b)under Part 5 (group relief), or

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.