Schedule 25 | LIMITED LIABILITY PARTNERSHIPS: INVESTMENT LLPS AND PROPERTY INVESTMETN LLPS

(1)Repealed^F1

(2)Repealed^F2

(3)In section 288(1) of the Taxation of Chargeable Gains Act 1992 (c. 12) (interpretation), at the appropriate place insert—.

(2)In Chapter 6 of Part 14 of the Taxes Act 1988 (pension schemes, &c.: miscellaneous provisions), after section 659D insert—.

659ETreatment of income from property investment LLPs

(1)The exemptions specified below do not apply to income derived from investments, deposits or other property held as a member of a property investment LLP.

(2)The exemptions are those provided by—

(3)The income to which subsection (1) above applies includes relevant stock lending fees, in relation to any investments, to which any of the provisions listed in subsection (2) above would apply by virtue of section 129B.

(4)Section 659A (treatment of futures and options) applies for the purposes of subsection (1) above.

(3)Repealed^F3

(4)In section 271 of the Taxation of Chargeable Gains Act 1992 (c. 12) (miscellaneous exemptions), after subsection (11) insert—.

(12)Subsection (1)(b), (c), (d), (g) and (h) and subsection (2) above do not apply to gains accruing to a person from the acquisition and disposal by him of assets held as a member of a property investment LLP.

(5)Repealed^F4

(6)Repealed^F5

(7)In section 545 of the Capital Allowances Act 2001 (c. 2) (life assurance business: investment assets), for subsection (3) substitute—.

(3)Any allowance under this Act in respect of an investment asset shall be treated as referable to the category or categories of business to which income arising from the asset is or would be referable.If income so arising is or would be referable to more than one category of business, the allowance shall be apportioned in accordance with sections 432ZA to 432E, or section 438B, of ICTA in the same way as the income.

(8)Repealed^F6

(9)Repealed^F7