Limited Partners: Restriction of Reliefs

Part of Orders of the Day — Finance Bill – in the House of Commons at 9:30 pm on 10th July 1985.

Alert me about debates like this

Photo of Mr Peter Rees Mr Peter Rees , Dover 9:30 pm, 10th July 1985

I beg to move amendment No. 31, in page 47, line 22, leave out from `restriction' to end of line 37 and insert 'in case of limited partners and others of reliefs in respect of losses, interest and charges and of allowances for expenditure) shall have effect where the chargeable period—

  1. (a) in which the loss in question is sustained or incurred, or the interest or charges in question paid, or
  2. (b) for which the allowance in question falls to be made, begins after 19th March 1985.
(2) That Schedule shall also have effect where that period begins on or before that date and ends after it if the person sustaining or incurring the loss or paying the interest or charges, or to whom the allowance falls to be made, begins after that date to carry on as a limited partner the trade—
  1. (a) in which, or in connection with which, the loss is sustained or incurred or the interest or charges paid, or
  2. (b) in taxing which, or by reason of participation in which, the allowance falls to be made,
and it is immaterial whether or not he was carrying on the trade otherwise than as a limited partner on or before that date.'.