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14(1)Amend section 118 (restriction on relief for limited partners: companies) as follows.
(2)In subsection (2) before the definition of “relevant accounting period” insert—
““limited partner” means—
a company which is carrying on a trade as a limited partner in a limited partnership registered under the Limited Partnerships Act 1907;
a company which—
is carrying on a trade as a general partner in a partnership;
is not entitled to take part in the management of the trade; and
is entitled to have its liabilities, or its liabilities beyond a certain limit, for debts or obligations incurred for the purposes of the trade discharged or reimbursed by some other person; or
a company which carries on a trade jointly with others and which, under the law of any territory outside the United Kingdom—
is not entitled to take part in the management of the trade; and
is not liable beyond a certain limit for debts or obligations incurred for the purposes of the trade;”.
(3)In subsection (2) in the definition of “relevant accounting period” omit “(within the meaning of section 117(2))”.
(4)In subsection (2) in the definition of “the relevant sum” omit “(within the meaning of section 117(3))”.
(5)After that subsection insert—
“(3)A partner company’s contribution to a trade at any time is the aggregate of—
(a)the amount which the partner company has contributed to the trade as capital and has not, directly or indirectly, drawn out or received back (other than anything which it is or may be entitled so to draw out or receive back at any time when it carries on the trade as a limited partner or which it is or may be entitled to require another person to reimburse to it), and
(b)the amount of any profits of the trade to which the partner company is entitled but which it has not received in money or money’s worth.”
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