MRA
Blogger
Share this content
0
238

Trade or profession

Trade or profession

Hello, 

I understand that losses from an LLP are restricted for sideways relief to a member's capital contribution, as well as the annual limit. 

However, the guidance (BIM82601) notes that these restrictions do not apply for a profession or vocation. 

Could a business consultant be deemed to be a profession rather than a trade? Does it require a "substantial exercise of intellectual skill".

Thanks in advance

Replies

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.

Share this content