Point in time view as at 18/11/2024.
There are currently no known outstanding effects for the Finance Act 2004, Cross Heading: Exception from compliance test: firms.
Textual Amendments
F1Sch. 11 para. 8A inserted (6.4.2015) by The Income Tax (Construction Industry Scheme) (Amendment of Schedule 11 to the Finance Act 2004) Order 2015 (S.I. 2015/789), arts. 1, 2(b)
8A(1)The conditions in paragraph 8 (the compliance test: firms) do not need to be satisfied by the firm if, at the time of the application—U.K.
(a)one or more of the partners is already registered for gross payment as a partner in another firm or otherwise than as a partner in a firm, and
(b)that partner has, or those partners together have, a right to a share of at least half the assets, or at least half the income, of the firm.
(2)In sub-paragraph (1)(a) the reference to registration for gross payment does not include registration for gross payment by virtue of this paragraph or paragraph 12A (exception from compliance test: companies).]
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