Modifications etc. (not altering text)
C1 See also—1970(M) s.9—partnership returns.1990(C), ss.65, 78—capital allowances for machinery, etc., used for trade carried on in partnership.
(1)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)M1Where a trade or business is carried on by two or more persons in partnership, and the control and management of the trade or business is situated abroad but those persons include a company resident in the United Kingdom, then as regards that company, this section and section 114 shall have effect as if the partnership were resident in the United Kingdom, and an assessment may be made on the company accordingly.
(5)Subject to subsection (4) above, where the partners in a partnership include a company, section 112 shall apply whether for corporation tax or for income tax; and this section and section 114 shall have effect accordingly.
[F2(5C)For the purposes of subsections (5) to (5B) the members of a partnership include any company which is entitled to a share of income or capital gains of the partnership.]
(6)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(7)For the purposes of this section and section 114 “profits” shall not be taken as including chargeable gains.
Textual Amendments
F1S. 115(1)-(3)(6) repealed (with effect in accordance with s. 215(4)(5) of the repealing Act) by Finance Act 1994 (c. 9), s. 215(3)(b), Sch. 26 Pt. 5(24), Note 4(a) (as s. 215(5) of that Act is modified (1.5.1995) by 1995 c. 4, s. 125(1)) (with Sch. 20)
F2S. 115(5C) inserted (retrospectively) by Finance Act 2008 (c. 9), s. 58(1)(4)
Modifications etc. (not altering text)
C2S. 115(5) modified (with retrospective effect) by Finance Act 2008 (c. 9), s. 58(5)(6)(b)
Marginal Citations
M1Source—1970 s.155(6)-(9); 1971 Sch.8 16(5); 1986 s.56(7)(a), Sch.13 2(5)(a)