Introduction Overview Chapter 3: Limited partners and members of limited liability partnerships Section 56: Restriction on reliefs for limited partners
219.This section restricts certain reliefs available to a company that is a limited partner to the amount of the company’s contribution to the firm. It is based on section 118 of ICTA.
220.Subsection (3) refers to a “contribution to the firm” whereas the source legislation refers to a “contribution to the trade”. See Change 8 in Annex 1.
221.Subsection (6) sets out how to apply subsection (4) and so limit relief if the firm is carrying on more than one trade. See Change 8 in Annex 1.