Section 92A — Finance Act 2014: Deductions in relation to salaried members

Deductions in relation to salaried members 92A 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).