Related Commentary  

31C(1)  A person is an excluded person in relation to a tax year if the person meets any of conditions A to H.

31C(2)  Condition A is that–

(a)the person is a firm, and

(b)one or more of the persons who have been partners in the firm at any time during the basis period for the tax year was not an individual at that time.

31C(3)  Condition B is that the person was a limited liability partnership at any time during the basis period for the tax year.

31C(4)  Condition C is that the person is an individual who has been a Lloyd's underwriter at any time during the basis period for the tax year.

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