PM260500 - Interest relief

ITA07/398 and ITA07/S399 (5)

An individual member may have borrowed money to contribute as capital to the LLP.

If the individual is found to be a Salaried Member, then they may still be entitled to relief for interest paid on the loan provided that:

• They are carrying on a profession
• They must act independently in dealing with clients and be generally indistinguishable from the firm’s partners