Finance Act 2008 (c. 9)

Part 2 U.K. Income tax, corporation tax and capital gains tax_general

Other anti-avoidance provisions U.K.

61 Non-active partners U.K.

(1) In section 103B(2) of ITA 2007 (meaning of “non-active partner” for purposes of provisions restricting trade loss relief), for “carried on for the purposes of the trade” substitute “of the trade and those activities are carried on—

(a) on a commercial basis, and

(b) with a view to the realisation of profits as a result of the activities.”

(2) The amendment made by subsection (1) has effect in relation to relevant periods ending on or after 12 March 2008.