Finance Act 2014, Paragraph 10 is up to date with all changes known to be in force on or before 06 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
10(1)This paragraph applies if—U.K.
(a)a person (“a departing partner”) who has been carrying on a business in partnership ceases to carry on the business in partnership,
(b)a [F1, defeat notice, conduct notice or] monitoring notice had effect in relation to the partnership immediately before the departing partner ceased to carry on the business in partnership, and
(c)the departing partner is continuing to carry on part (but not the whole) of the business (“the transferred part”).
(2)The notice mentioned in sub-paragraph (1)(b) is referred to in this paragraph as “the original notice”.
(3)An authorised officer may give the departing partner—
[F2(za)a defeat notice (if the original notice is a defeat notice);]
(a)a conduct notice (if the original notice is a conduct notice);
(b)a monitoring notice (if the original notice is a monitoring notice).
(4)If the departing partner is itself carrying on the transferred part of the business in partnership, the authorised officer may give that partnership (“the new partnership”)—
[F3(za)a defeat notice (if the original notice is a defeat notice);]
(a)a conduct notice (if the original notice is a conduct notice);
(b)a monitoring notice (if the original notice is a monitoring notice).
(5)A notice given under sub-paragraph (4) ceases to have effect if the departing partner ceases to be a member of the new partnership.
[F4(5A)A notice under sub-paragraph (3)(za) or (4)(za) may not be given after the end of the look-forward period of the original notice.]
(6)A notice under sub-paragraph (3)(a) or (4)(a) may not be given after the termination date of the original notice (under section 241(2)(a) or (b)).
(7)It does not matter whether one, some or all of the persons who were carrying on the business in partnership are departing partners by virtue of sub-paragraph (1).
Textual Amendments
F1Words in Sch. 36 para. 10(1)(b) substituted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(15)(a)
F2Sch. 36 para. 10(3)(za) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(15)(b)
F3Sch. 36 para. 10(4)(za) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(15)(c)
F4Sch. 36 para. 10(5A) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(15)(d)
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