Part 4 Loss relief

Chapter 3 Limited partners and members of limited liability partnerships

Introduction

55 Introduction to Chapter
(1) This Chapter restricts the amount of relief that may be given for any loss made by a company in a trade carried on by the company—
(a) as a limited partner (see sections 56 to 58), or
(b) as a member of a limited liability partnership (an “LLP”) (see sections 59 to 61).
(2) In this Chapter persons carrying on a trade in partnership are referred to collectively as a “firm”.