[F1357WBMeaning of “qualifying partnership trade”U.K.
(1)“Qualifying partnership trade” means a trade carried on by a firm where the trade is not an excluded trade.
(2)If an election by a firm for the purposes of this subsection has effect, “qualifying partnership trade” also includes a trade carried on by the firm where—
(a)the trade is an excluded trade within—
(i)section 357XB (lending and investment),
(ii)section 357XC (investment management), or
(iii)section 357XE (re-insurance trade), and
(b)the trade includes any back-office activities.
(3)An election for the purposes of subsection (2)—
(a)must be made by notice to an officer of Revenue and Customs,
(b)must specify the first accounting period of the firm (“the specified accounting period”) in relation to which it is to have effect,
(c)must be made before the end of the period of 12 months beginning with the end of the specified accounting period, and
(d)if made in accordance with paragraphs (a) to (c)—
(i)has effect in relation to the specified accounting period and subsequent accounting periods, and
(ii)is irrevocable.
(4)For the meaning of “excluded trade”, and for power to make provision about the meaning of “back-office activities”, see Chapter 17.]
Textual Amendments
F1Pt. 8B inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1