Salaried Members: Implementation Matters: 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