Finance Act 2013 (c. 29)

SCHEDULES

[F1 SCHEDULE 43D U.K. The GAAR and partnerships

Textual Amendments

F1 Sch. 43D inserted (with effect in accordance with s. 124(2) of the amending Act) by Finance Act 2021 (c. 26), Sch. 32 para. 1

PART 1 U.K. General

Introductory U.K.

1 (1) This Schedule makes provision about the operation of the general anti-abuse rule in relation to partnerships. U.K.

(2) This Schedule applies where—

(a) a return is made under section 12AA of TMA 1970 (a “section 12AA partnership return”), or

(b) a return is made in accordance with regulations under paragraph 10 of Schedule A1 to TMA 1970 (a “Schedule A1 partnership return”).

Meaning of “the responsible partner” U.K.

2 U.K. In this Schedule, “the responsible partner” means—

(a) in relation to the making of a section 12AA partnership return, the person who delivered the return or their successor (within the meaning of section 12AA(11) of TMA 1970);

(b) in relation to the making of a Schedule A1 partnership return, the nominated partner (within the meaning of paragraph 5 of Schedule A1 to TMA 1970).

Partnership return made on basis that tax advantage arises U.K.

3 (1) For the purposes of this Schedule, a partnership return is regarded as made on the basis that a particular tax advantage arises (or might arise) to a partner from particular arrangements if— U.K.

(a) it is made on the basis that an increase or reduction in one or more of the amounts mentioned in section 12AB(1) of TMA 1970 (amounts in the partnership statement in a partnership return) results (or might result) from those arrangements, and

(b) that increase or reduction results (or might result) in that tax advantage for the partner.

(2) In sub-paragraph (1) and in the following provisions of this Schedule “partnership return” means a section 12AA partnership return or a Schedule A1 partnership return.]