SCHEDULES

SCHEDULE 22U.K.Computation of profits: adjustment on change of basis

Part 4U.K.Supplementary provisions

Application of provisions to partnershipsU.K.

13(1)In the case of a trade, profession or vocation carried on in partnership, the amount of any adjustment under this Schedule shall be [F1computed as if the partnership were a company resident in the United Kingdom.]

(2)Subject to the following provisions of this paragraph—

(a)each partner’s share of any amount chargeable to tax under this Schedule shall be determined according to the profit-sharing arrangements for the twelve months ending immediately before the date on which the new basis was adopted; and

(b)any election under this Schedule must be made jointly by all the persons who have been members of the partnership in that twelve month period.

F2(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)For the purposes of this paragraph—

(a)“profit-sharing arrangements” means the rights of the partners to share in the profits of the trade, profession or vocation for the period in question; and

(b)references to the date on which a new basis was adopted are to the first day of the first period of account for which the new basis was adopted.

F3(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1Words in Sch. 22 para. 13(1) substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 578(7)(a) (with Sch. 2)

F414. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

InterpretationU.K.

[F515In this Schedule “adjustment charge” means a charge under Part 2 of this Schedule.]

Textual Amendments