all farming in the United Kingdom which a firm carries on, other than farming carried on as part of another trade, is treated as one trade, but

the farming carried on by a firm which is treated as one trade is not included in any farming trade of any partner in the firm.

every business and transaction mentioned in that section carried on, or entered into, by a firm constitutes the firm's UK property business, but

each business or transaction included in the firm's UK property business is not included in any UK property business of any partner in the firm.

every business and transaction mentioned in that section carried on, or entered into, by a firm constitutes the firm's overseas property business, but

each business or transaction included in the firm's overseas property business is not included in any overseas property business of any partner in the firm.

a person (“the trader”) sells the whole or part of any patent rights in carrying on a trade,

tax is chargeable under section 912 of this Act or section 587 of ITTOIA 2005 on the proceeds of the sale or on any instalment of those proceeds,

the tax is chargeable in one or more accounting periods or tax years (referred to in this section as “the tax charge periods”),

there is a change in the persons carrying on the trade at any time between the beginning of the first of those tax charge periods and the end of the last of them, and

the partnership condition and the continuity condition are met.

the trader is a firm at the time of the sale, or

the trade is carried on in partnership at any time between the beginning of the first of the tax charge periods and the end of the last of them.

in the case of an amount chargeable under section 912, that a company which carried on the trade in partnership immediately before the change continues to carry it on in partnership after the change, or

in the case of an amount chargeable under section 587 of ITTOIA 2005, that a person who carried on the trade immediately before the change continues to carry it on after the change.

as proceeds, arising at a constant daily rate during the remainder of the relevant period, of a sale of patent rights by the person or persons carrying on the trade after the change, and

if the trade is carried on in partnership after the change, as arising to the partners in shares calculated in accordance with the firm's profit-sharing arrangements.

any company that would, but for this section, have been charged to corporation tax in that period on a sum (“S”) in respect of the proceeds or instalment is so charged on a fraction of S proportionate to the length of the part of the period before the change, and

the balance of S not dealt with under paragraph (a) is treated for the purposes of this section and section 861 of ITTOIA 2005 (sale of patent rights: effect of partnership changes) as if it were an amount such as is described in subsection (4).

if one or more tax charge periods begins after the tax charge period in which the change occurs, the period beginning immediately after the change and ending 6 years after the beginning of the first of the tax charge periods, or

otherwise, the period beginning immediately after the change and ending at the end of the tax charge period in which the change occurs.

a person sells the whole or part of any patent rights in carrying on a trade,

by virtue of section 1271 amounts are chargeable to corporation tax under section 912 as profits of one or more companies for the time being carrying on the trade in partnership,

a partner which is a company ceases to carry on the trade after that, and

no company which carried on the trade immediately before the cessation continues to carry on the trade in partnership immediately after the cessation.

all the activities of the limited liability partnership are treated as carried on in partnership by its members (and not by the limited liability partnership as such),

anything done by, to or in relation to the limited liability partnership for the purposes of, or in connection with, any of its activities is treated as done by, to or in relation to the members as partners, and

the property of the limited liability partnership is treated as held by the members as partnership property.

references to a firm include a limited liability partnership in relation to which subsection (1) applies,

references to members of a firm include members of such a limited liability partnership,

references to a company do not include such a limited liability partnership, and

references to members of a company do not include members of such a limited liability partnership.

if the cessation is only temporary, or

on the appointment of a liquidator or (if earlier) the making of a winding up order by the court, or

on the occurrence of any event under the law of a territory outside the United Kingdom corresponding to an event specified in paragraph (a).