SCHEDULE 1Consequential amendments
Part 2Other enactments
Finance Act 1995 (c. 4)
479
(1)
Amend section 126 (UK representatives of non-residents) as follows.
(2)
In subsections (6) and (7) for “the deemed trade or profession from which the non-resident’s share in the partnership’s profits or losses is treated for the purposes of section 111 or 114 of the Taxes Act 1988 as deriving” substitute “the notional or deemed trade or profession”.
(3)
“(7A)
In subsections (6) and (7) “the notional or deemed trade or profession” means—
(a)
the notional trade from which the non-resident’s share in the partnership’s profits or losses is treated for the purposes of section 852 of the Income Tax (Trading and Other Income) Act 2005 as deriving, or
(b)
the deemed trade or profession from which that share is treated for the purposes of section 114 of the Taxes Act as deriving.”