C1Part 3Trading income

Annotations:
Modifications etc. (not altering text)

Chapter 5Trade profits: rules allowing deductions

F1Limited liability partnerships: salaried members

Annotations:
Amendments (Textual)
F1

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).