Member partnerships at Lloyd's can be Scottish limited partnerships (SLPs) or limited liability partnerships (LLPs)1.
The legal structure of these differ in that Scottish limited partnerships have both limited and general members, while LLPs have only limited partners2. Underwriting members will be limited partners (see E5.608).
Restrictions as outlined below apply to limited partners, so affecting LLPs and SLPs.
General restrictions on trading loss relief
Income tax relief for trading losses of certain classes of partner is restricted by the rules in ITA 20073.
The
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Web page updated on 17 Mar 2025 13:43