188体育

Y becomes an active member of an LLP on 6 April 2011, introducing capital of 拢100,000 into the LLP on that date. The LLP carries on a trade.

Y鈥檚 share of the LLP鈥檚 trading losses is as follows, and he claims trade loss relief against general income.

Year ended 5 April 2012

拢60,000

听

听

Year ended 5 April 2013

拢60,000

Y is only entitled to set the losses against his other income or gains as follows:

2011/12

拢60,000

(unrelieved capital contribution 拢40,000)

听

听

听

2012/13

拢40,000

(total relief limited to capital contribution of 拢100,000; unrelieved loss 拢20,000)

听
Unless Y makes a further capital contribution in a later year, the unrelieved balance of the loss for 2012/13 (拢20,000) will only be available to be carried forward and set against Y鈥檚 share of the LLP鈥檚 profits from the same trade for later years.

Guidance on giving sideways loss reliefs for unrelieved amounts if further capital contributions are made is at听PM198000.