Commentary on Sections Changes in partnership Section 1273: Limited liability partnerships
3254.This section contains the rules that treat limited liability partnerships (“LLPs”) in the same way for tax purposes as ordinary partnerships (“firms” in this Act). It is based on section 118ZA of ICTA. The corresponding rule for income tax is in section 863 of ITTOIA.
3255.Subsection (1)(a) ascribes the activities of the LLP to its members. Subsection (1) does not refer to an LLP carrying on a profession. See Change 2 in Annex 1.