Part 4U.K.Loss relief

Chapter 3U.K.Restrictions on trade loss relief for certain partners

Non-active members of LLPs or other partnerships (apart from limited partnerships)U.K.

112[F1Meaning of “early tax year”]U.K.

F2(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)In this Chapter “early tax year” means, in relation to an individual carrying on a trade—

(a)the tax year in which the individual first started to carry on the trade, or

(b)one of the next 3 tax years.