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On 6 April 2011 X joins an existing partnership as a limited partner.

Capital introduced

X introduces the following capital into the partnership:

6 April 2011: 拢90,000.

6 April 2012: 拢25,000.

Share of partnership profits and losses

X鈥檚 share of the partnership鈥檚 trading profits and losses are:

Year ended 5 April 2012: Loss (拢140,000).

Year ended 5 April 2013: Profit 拢60,000.

Drawings

X takes no drawings from the partnership.

Capital contributions

X鈥檚 capital contributions for the purposes of loss relief restrictions are:

At 5 April 2012: 拢90,000.

At 5 April 2013: 拢175,000 (拢90,000 + 拢25,000 + 拢60,000 undrawn profits).

Loss relief claims

The relief that may be given against other income for the loss of 拢140,000 for the year ended 5 April 2012 is restricted. First, the relief is restricted to the amount of X鈥檚 capital contribution at 5 April 2012 (拢90,000), and then the 拢25,000 annual limit is applied. The relief against X鈥檚 other income or gains is therefore 拢25,000.

Losses carried forward

The remaining 拢115,000 of the 拢140,000 loss can be carried forward and set against X鈥檚 share of the partnership鈥檚 trading profits for 2013/14 and later years.