Section 102 — Income Tax Act 2007: Overview of Chapter

Overview of Chapter 102 1 This Chapter restricts the amount of relief that may be given for any loss made by an individual in a trade carried on by the individual as—

a a limited partner in any tax year (see sections 103A, 103C to 105, 113A and 114 ),

b a member of a limited liability partnership (an “ LLP ”) in any tax year (see sections 103C, 103D, 107 to 109, 113A and 114 ), or c a non-active partner (see sections 103B to 103D and 110 to 114) .

2 This Chapter also restricts the amount of relief that may be given for any loss made by an individual in a trade carried on by the individual as a partner in a firm if the trade consists of or includes the exploitation of films (see section 115 ). 2A This Chapter also provides for no relief to be given for a loss made by an individual in a trade carried on by the individual as a partner in a firm in certain cases where some or all of the loss is allocated to the individual rather than a person who is not an individual (see section 116A).

3 This Chapter needs to be read with sections 791 to 795 (income tax charge recovering excess relief for losses made by individuals carrying on a trade in partnership).

4 See also—

a sections 796 to 803 (income tax charge in relation to individuals claiming relief for film-related trading losses),

and b sections 804 to 809 (income tax charge in relation to individuals carrying on a trade in partnership claiming relief for licence-related trading losses).