C1Part 9Partnerships
Introduction
846Overview of Part 9
This Part contains some special rules about partnerships.
847General provisions
1
In this Act persons carrying on a trade in partnership are referred to collectively as a “firm”.
2
The provisions of this Part are expressed to apply to trades but unless otherwise indicated (whether expressly or by implication) also apply—
a
to professions, and
b
in the case of this section and sections 849, 850, 857 and 858 to businesses that are not trades or professions.
3
In those sections as applied by subsection (2)(b)—
a
references to a trade are references to a business, and
b
references to the profits of a trade are references to the income arising from a business.
848Assessment of partnerships
Unless otherwise indicated (whether expressly or by implication), a firm is not to be regarded for income tax purposes as an entity separate and distinct from the partners.
Pt. 9 modified (with effect as mentioned in Sch. 6 para. 6(2)-(7) to the amending Act) by Income and Corporation Taxes Act 1988 (c. 1) , s. 774D(4) as inserted by Finance Act 2006 (c. 25), s. 76, Sch. 6 para. 6(1)