Finance Act 2008
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
61 Non-active partners
(1) In section 103B(2) of ITA 2007 (meaning of “non-active partner” for purposes of provisions restricting trade loss relief), for “carried on for the purposes of the trade” substitute of the trade and those activities are carried on— (a) on a commercial basis, and (b) with a view to the realisation of profits as a result of the activities. (2) The amendment made by subsection (1) has effect in relation to relevant periods ending on or after 12 March 2008.
61 Non-active partners
(1) In section 103B(2) of ITA 2007 (meaning of “non-active partner” for purposes of provisions restricting trade loss relief), for “carried on for the purposes of the trade” substitute of the trade and those activities are carried on— (a) on a commercial basis, and (b) with a view to the realisation of profits as a result of the activities. (2) The amendment made by subsection (1) has effect in relation to relevant periods ending on or after 12 March 2008.
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