Corporation Tax Act 2009 (c. 4)

Part 17 U.K. Partnerships

Introduction U.K.

1256 Overview of Part U.K.

(1) This Part contains some special rules about partnerships.

(2) For restrictions that in some circumstances affect relief for losses, and certain other reliefs, for a company that is a member of a partnership see [F1 Chapter 3 of Part 22 of CTA 2010 (transfer of relief within partnerships)].

Textual Amendments

F1 Words in s. 1256(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 690 (with Sch. 2)

1257 General provisions U.K.

(1) In this Act persons carrying on a trade in partnership are referred to collectively as a “firm”.

(2) This section and sections 1259 to 1266 are expressed to apply to trades, but unless otherwise indicated (whether expressly or by implication) also apply to businesses that are not trades.

(3) In those sections as applied by subsection (2)—

(a) references to a trade are references to a business, and

(b) references to the profits of a trade are references to the income arising from a business.

1258 Assessment of firms U.K.

Unless otherwise indicated (whether expressly or by implication), a firm is not to be regarded for corporation tax purposes as an entity separate and distinct from the partners.