Related Commentary  Related HMRC Manuals

104(1)  This section applies if–

(a)at a time in a tax year (“the relevant tax year”) an individual carries on a trade (“the relevant trade”) as a limited partner in a firm, and

(b)the individual makes a loss in the relevant trade in the relevant tax year.

104(2)  There is a restriction on the amount of relief within subsection (3) which may be given to the individual for the loss.

104(3)  The relief within this subsection is–

(a)sideways relief against the individual's income apart from profits of the relevant trade, and

(b)capital gains relief.

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