Lloyd's SLPs are usually mixed partnerships involving individuals and at least one limited company (the general partner). The partnership rules in Part 9 of ITTOIA 2005 and Chapter 7 of Part 4ICTA 1988 provide for the profit or loss of each class of partner to be arrived at separately for tax purposes, by regarding the partnership first as if it were an individual and then secondly as if it were a company. Regulation 3 SI1997/2681 provides the main rule governing the interaction of this principle with the specific Lloyd's legislation.

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