I am a UK citizen/resident, and invested in a US LP. I just got the K1 and it shows a loss. Can I claim that as a loss in my UK SA return? Where on my SA return would that go? Thank you.
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In your UK tax return it goes into the foreign income section. It can only be offset against foreign income. If you don't have enough foreign income to use it up it gets carried forward to be offset against foreign income in future years.
This is a complex area because you are subject to the Transfer of Assets Abroad legislation: https://www.gov.uk/government/publications/income-and-benefits-from-tran...
You will need to read HMRCs Helpsheet and disclose to HMRC. You may also need to consider the Class 2 NIC effect.
Simply because the LP made a loss for US accounting purposes does not mean there is the same loss for UK tax purposes, as there are differences in tax rules.
From a US perspective, do you have an ITIN? Are you filing a US individual return to preserve any losses? Is the LPs income all effectively connected to a US trade or business?