467Connections where partnerships are involvedU.K.
(1)This section applies for the purposes of the provisions which apply section 466 (“the relevant provisions”) if—
(a)a trade or business is carried on by a firm, and
(b)the firm stands in the position of a creditor or debtor as respects a money debt.
(2)The questions about connections specified in subsection (3) must be determined as if each of the partners in the firm separately (rather than the firm), stood in that position as respects the debt to the extent of that partner's appropriate share.
(3)The questions are—
(a)whether for the purposes of this Part there is a connection for the purposes of the relevant provisions between any two companies for an accounting period in the case of a loan relationship, and
(b)how far any amount is treated under this Part in any particular way as a result of there being, or not being, such a connection.
(4)For the purposes of subsection (2), a partner's “appropriate share” is the same share as the share in which any profit or loss for the accounting period in question would be apportioned to the partner in accordance with the firm's profit-sharing arrangements.
(5)The references in subsections (2) to (4) to partners do not include references to the general partner of a limited partnership which is a collective investment scheme.
Modifications etc. (not altering text)
C1Pt. 5 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 88(1)(2)(7) (with s. 147, Sch. 17)
C2Ss. 466-471 applied by 2010 c. 4, s. 937K(8) (as inserted (with effect in accordance with Sch. 16 para. 5 of the amending Act) by Finance Act 2010 (c. 13), Sch. 16 para. 3)
C3Ss. 466-471 applied by 2010 c. 4, s. 938E(11) (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)
C4Ss. 466-471 applied by 2010 c. 4, s. 357GD(11) (as inserted (with effect in accordance with Sch. 2 para. 7 8 of the amending Act) by Finance Act 2012 (c. 14), Sch. 2 para. 1(1))