Part 17Partnerships
Miscellaneous
1270Special provisions about farming and property income
1
The rule in section 36(2) (farming trades) operates in relation to firms so that—
a
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
b
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.
2
Section 205 (UK property business) operates in relation to firms so that—
a
every business and transaction mentioned in that section carried on, or entered into, by a firm constitutes the firm's UK property business, but
b
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.
3
Section 206 (overseas property business) operates in relation to firms so that—
a
every business and transaction mentioned in that section carried on, or entered into, by a firm constitutes the firm's overseas property business, but
b
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.