Part III Individuals, partnerships, trusts and collective investment schemes
Chapter I Miscellaneous provisions
59 Partnerships.
F21
Where 2 or more persons carry on a trade or business in partnership—
a
tax in respect of chargeable gains accruing to them on the disposal of any partnership assets shall, in Scotland as well as elsewhere in the United Kingdom, be assessed and charged on them separately, and
b
any partnership dealings shall be treated as dealings by the partners and not by the firm as such, F1...
F1c
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F32
Subsection (3) applies if—
a
a person resident in the United Kingdom (“the resident partner”) is a member of a partnership which resides outside the United Kingdom or which carries on any trade, profession or business the control and management of which is situated outside the United Kingdom, and
b
by virtue of any arrangements falling within section 788 of the Taxes Act (“the arrangements”) any of the capital gains of the partnership are relieved from capital gains tax in the United Kingdom.
3
The arrangements do not affect any liability to capital gains tax in respect of the resident partner's share of any capital gains of the partnership.
F44
For the purposes of subsections (2) and (3) the members of a partnership include any person entitled to a share of capital gains of the partnership.