Section 55 Introduction to Chapter

(1)

This Chapter restricts the amount of relief that may be given for any loss made by a company in a trade carried on by the company—

(a)

as a limited partner (see sections 56 to 58), or

(b)

as a member of a limited liability partnership (an “LLP”) (see sections 59 to 61).

(2)

In this Chapter persons carrying on a trade in partnership are referred to collectively as a “firm”.

Notes on Part 4

C1: Pt. 4 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 10
C2: Pt. 4 excluded (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), s. 1(5)(e) (with ss. 15(1), 16(1))