Part 9 U.K.Partnerships

Modifications etc. (not altering text)

C1 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)

Firms with a foreign element U.K.

857 Partners to whom the remittance basis [F1 applies] U.K.

(1) This section applies if—

(a) a firm carries on a trade wholly or partly outside the United Kingdom,

(b) the control and management of the trade is outside the United Kingdom, and

[F2 (c) section 809B, 809D or 809E of ITA 2007 (remittance basis) applies to a partner for a tax year.]

(2) The partner's share of the profits of the trade arising in the United Kingdom is determined in accordance with sections 849 to 856.

(3) The partner's share of the profits of the trade arising outside the United Kingdom is treated as relevant foreign income F3 ....

Textual Amendments

F1 Word in s. 857 heading substituted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 70(4)

F2 S. 857(1)(c) substituted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 70(2)

F3 Words in s. 857(3) omitted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 70(3)