Part 2U.K.Ordinary partnership transactions
IntroductionU.K.
5(1)This Part of this Schedule applies to transactions entered into as purchaser by or on behalf of the members of a partnership, other than transactions within Part 3 of this Schedule [F1(transactions to which special provisions apply)].U.K.
Textual Amendments
F1Words in Sch. 15 para. 5 substituted (with effect in accordance with Sch. 41 para. 3 of the amending Act) by Finance Act 2004 (c. 12), Sch. 41 para. 2(c)
Responsibility of partnersU.K.
6(1)Anything required or authorised to be done under this Part of this Act by or in relation to the purchaser under the transaction is required or authorised to be done by or in relation to all the responsible partners.U.K.
(2)The responsible partners in relation to a transaction are—
(a)the persons who are partners at the effective date of the transaction, and
(b)any person who becomes a member of the partnership after the effective date of the transaction.
(3)This paragraph has effect subject to paragraph 8 (representative partners).
Joint and several liability of responsible partnersU.K.
7(1)Where the responsible partners are liable—U.K.
(a)to make a payment of tax or to interest on unpaid tax,
(b)to make a payment in accordance with an assessment under paragraph 29 of Schedule 10 (recovery of excessive repayment), or
(c)to a penalty under this Part of this Act or to interest on such a penalty,
the liability is a joint and several liability of those partners.
[F2(1A)No amount may be recovered by virtue of sub-paragraph (1)(a) or (b) from a person who did not become a responsible partner until after the effective date of the transaction in respect of which the tax is payable.]
(2)No amount may be recovered by virtue of sub-paragraph (1)(c) from a person who did not become a responsible partner until after the relevant time.
(3)The relevant time for this purpose is—
(a)in relation to so much of a penalty as is payable in respect of any day, or to interest on so much of a penalty as is so payable, the beginning of that day;
(b)in relation to any other penalty, or interest on such a penalty, the time when the act or omission occurred that caused the penalty to become payable.
Textual Amendments
F2Sch. 15 para. 7(1A) inserted (22.7.2004) by Finance Act 2004 (c. 12), s. 305
Representative partnersU.K.
8(1)Anything required or authorised to be done by or in relation to the responsible partners may instead be done by or in relation to any representative partner or partners.U.K.
(2)This includes making the declaration required by paragraph 1(1)(c) of Schedule 10 F3... (declaration that return F3... is complete and correct).
(3)A representative partner means a partner nominated by a majority of the partners to act as the representative of the partnership for the purposes of this Part of this Act.
(4)Any such nomination, or the revocation of such a nomination, has effect only after notice of the nomination, or revocation, has been given to the Inland Revenue.
Textual Amendments
F3Words in Sch. 15 para. 8(2) omitted (with effect in accordance with s. 94(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 30 para. 12