Capital loss ?

Capital loss ?

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Two individuals register a UK LLP and become its only members. They incur costs (some revenue, some capital e.g. certain legal fees). After 9 months or so, with no income generated, and despite incurring office and admin costs, the members decide to call it a day and the LLP ceases.

From a SA return point of view, there will be a P&L showing a loss re: the "revenue" items. The loss will be split between them, subject to basis periods etc. and transferred to their personal tax returns.

Is there any tax relief available to the LLP members for the capital costs incurred ? (mainly legal fees in drafting documentation that would have gone to clients if any had been won, plus structuring advice which was also never put to use).

Thanks,

James
James Reeves

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