- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (10/07/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Income and Corporation Taxes Act 1988
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Changes over time for: Section 115
Version Superseded: 06/04/2005
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Point in time view as at 10/07/2003. This version of this provision has been superseded.
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Income and Corporation Taxes Act 1988, Section 115 is up to date with all changes known to be in force on or before 18 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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115 Provisions supplementary to section 114.U.K.
(1)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F2(4)So long as a trade, profession or business is carried on by persons in partnership and any of those persons is a company which is not resident in the United Kingdom, section 114 shall have effect in relation to that company as if—
(a)the reference in subsection (1) to a company resident in the United Kingdom were a reference to a company that is not so resident; and
(b)in subsection (2), after “carried on” there were inserted “in the United Kingdom through a [F3permanent establishment]”.
(5)Where the partners in a partnership include a company, subsections (4) and (5) of section 112 shall apply for the purposes of corporation tax as well as for the purposes of income tax, and section 114 shall have effect accordingly.]
[F4(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F1S. 115(1)-(3)(6) repealed (with effect in accordance with s. 215(4)(5) of the repealing Act) by Finance Act 1994 (c. 9), s. 215(3)(b), Sch. 26 Pt. 5(24), Note 4(a) (as s. 215(5) of that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(4)(5) substituted (with effect in accordance with s. 125(1) of the amending Act) by Finance Act 1995 (c. 4), s. 125(5)
F3Words in s. 115(4)(b) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(a)
F4S. 115(5C) inserted (retrospectively) by Finance Act 2008 (c. 9), s. 58(1)(4)
Modifications etc. (not altering text)
C1S. 115(5) modified (with retrospective effect) by Finance Act 2008 (c. 9), s. 58(5)(6)(b)
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