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HMRC internal manual

Employment Status Manual

From
HM Revenue & Customs
Updated
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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