Statute
Section 61 — Finance Act 2008: Non-active partners
Text of the provision Official document
Non-active partners 61 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.
Official source: legislation.gov.uk
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