C1Part 3Trading income
Chapter 5Trade profits: rules allowing deductions
F1Limited liability partnerships: salaried members
S. 92A and cross-heading inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 17 paras. 4(2), 6
92ADeductions in relation to salaried members
1
This section applies in relation to a limited liability partnership if section 1273A(2) (limited liability partnerships: salaried members) applies in the case of a member of the partnership (“M”).
2
In calculating for an accounting period under section 1259 (calculation of firm's profits and losses) the profits of a trade carried on by the limited liability partnership, a deduction is allowed for expenses paid by the partnership in respect of M's employment under section 1273A(2) if no deduction would otherwise be allowed for the payment.
3
This section is subject to—
a
section 53 (capital expenditure),
b
section 54 (expenses not wholly and exclusively for trade etc),
c
section 1298 (business entertainment and gifts), and
d
section 1302 (social security contributions).
Pt. 3 modified (1.1.2010) by Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 4(1)