Regulation 2 Interpretation

In these Regulations—

• “ICTA” means the Income and Corporation Taxes Act 1988^f1;

• “ITTOIA” means the Income Tax (Trading and Other Income) Act 2005^f2;

• “relevant individual” means—

  1. (a)

     a limited partner (within the meaning in section 117 of ICTA),

  2. (b)

     a member of a limited liability partnership (within the meaning in section 118ZA^f3 of ICTA), and

  3. (c)

     a general partner (that is, not a limited partner) who does not devote a significant amount of time to the trade (within the meaning in section 118ZH^f4 of ICTA),

  where the partnership carries on a relevant trade (within the meaning in section 122A(1) of the Finance Act 2004); and

• “profit-sharing arrangements” has the meaning in section 850(6) of ITTOIA.