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9.—(1) This regulation applies where—
(a)regulation 3(1) applies in relation to a Lloyd’s Scottish limited partnership, and
(b)an individual who is a partner in the partnership dies.
(2) The carrying on of the deceased partner’s partnership business by his personal representatives shall not be treated for the purposes of the Income Tax Acts as a change in the persons engaged in the carrying on of that business.
(3) The deceased partner’s partnership business shall be treated for the purposes of the Income Tax Acts as continuing until either—
(a)any security provided by him in relation to that business is released or repaid by Lloyd’s to his personal representatives, or
(b)his interest in the partnership is assigned by his personal representatives.
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