Section 1227A Management expenses in relation to salaried members of limited liability partnershipsF1

(1)

This section applies in relation to a company if—

(a)

as a member of a limited liability partnership, the company is a company with investment business,

(b)

section 1273A(2) (limited liability partnerships: salaried members) applies in the case of a member of the partnership (“M”), and

(c)

expenses of management of the company's investment business are paid in respect of M's employment under section 1273A(2) but are not referable to any accounting period under sections 1225 to 1227.

(2)

The expenses are to be treated as referable to the accounting period in which they are paid.

Annotations

Textual amendments

F1: S. 1227A inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 17 paras. 4(4)(b), 6

Notes on Chapter 2

Modifications

C1: Pt. 16 Ch. 2 modified by 2010 c. 4, s. 676AJ(2) (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 75)