
Print Options
PrintThe Whole
Act
PrintThe Whole
Schedule
PrintThis
Part
only
Status:
Point in time view as at 13/04/2003. This version of this part contains provisions that are not valid for this point in time.

Status
Not valid for this point in time generally means that a provision was not in force for the point in time you have selected to view it on.
Changes to legislation:
Finance Act 2003,
Part 1
is up to date with all changes known to be in force on or before 04 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Valid from 10/07/2003
Part 1 U.K.General provisions
PartnershipsU.K.
1U.K.In this Part of this Act a “partnership” means—
(a)a partnership within the Partnership Act 1890 (c. 39),
(b)a limited partnership registered under the Limited Partnerships Act 1907 (c. 24), or
(c)a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c. 12) or the Limited Liability Partnerships Act (Northern Ireland) 2002 (c. 12 (N. I.)),
or a firm or entity of a similar character to any of those mentioned above formed under the law of a country or territory outside the United Kingdom.
Legal personality of partnership disregardedU.K.
2(1)For the purposes of this Part of this Act—U.K.
(a)a chargeable interest held by or on behalf of a partnership is treated as held by or on behalf of the partners, and
(b)a land transaction entered into for the purposes of a partnership is treated as entered into by or on behalf of the partners,
and not by or on behalf of the partnership as such.
(2)Sub-paragraph (1) applies notwithstanding that the partnership is regarded as a legal person, or as a body corporate, under the law of the country or territory under which it is formed.
Continuity of partnershipU.K.
3U.K.For the purposes of this Part of this Act a partnership is treated as the same partnership notwithstanding a change in membership if any person who was a member before the change remains a member after the change.
Partnership not to be regarded as unit trust scheme etcU.K.
4U.K.A partnership is not to be regarded for the purposes of this Part of this Act as a unit trust scheme or an open ended investment company.
Back to top