SCHEDULES
SCHEDULE 17Partnerships
PART 2Partnerships with mixed membership
Commencement
14
1
The amendments made by paragraphs 8 and 9 have effect in relation to losses made in the tax year 2014-15 and subsequent tax years.
2
Sub-paragraphs (3) and (4) apply for the purposes of section 116A or 127C of ITA 2007 if a loss made by an individual as a partner in a firm arises in a period of account (“the straddling period”) which begins before 6 April 2014 but ends on or after that date.
3
The loss is to be apportioned between the part of the straddling period falling before 6 April 2014 and the part falling on or after that date—
a
on a time basis according to the respective lengths of those parts of the straddling period, or
b
if that method produces a result that is unjust or unreasonable, on a just and reasonable basis.
4
Section 116A or 127C of ITA 2007 does not apply in relation to the loss so far as it is apportioned to the part of the straddling period falling before 6 April 2014.