Section 863F | M's contribution to the limited liability partnership: deemed contributions ^F1

(1)This section applies if—^F1

(a)by the time mentioned in section 863D(3)(a), M has given an undertaking (whether or not legally enforceable) to make a contribution to the capital of the limited liability partnership but has not made the contribution,^F1

(b)the undertaking requires M to make the contribution by the end of—^F1

(i)the period of 3 months ending with 5 July 2014, or^F1

(ii)if it ends after that date, the period of 2 months beginning with the date on which M becomes a member of the limited liability partnership, and^F1

(c)when it is made, the contribution will be included in amount A under section 863E.^F1

In the following subsections “the relevant period” means the period mentioned in paragraph (b)(i) or (ii) (as the case may be).

(2)For the purpose of determining whether condition C in section 863D is met—^F1

(a)at the time mentioned in section 863D(3)(a), or^F1

(b)at any subsequent time during the relevant period,^F1

M is to be treated as having made the contribution at the time mentioned in section 863D(3)(a) (so far as M has not (actually) made the contribution at the time at which it is being determined whether condition C is met).

(3)If M (actually) makes the contribution (in whole or in part) during the relevant period, the question of whether condition C is met is not to be re-determined under section 863D(4) just because of the making of the contribution (in whole or in part).^F1

(4)If M does not (actually) make the contribution (in whole or in part) by the end of the relevant period, any determination in relation to which subsection (2) applied is to be made again (as at the time at which it was originally made).^F1

(5)In making a determination again—^F1

(a)if it is the whole of the contribution which M does not make by the end of the relevant period, subsection (2) is to be ignored;^F1

(b)if M makes part of the contribution by the end of the relevant period, in subsection (2) references to the contribution are to be read as references to that part of it.^F1