Finance (No. 2) Act 2017

Prospective

46 (1) Schedule 32 (accelerated payments and partnerships) is amended as follows. U.K.

(2) In paragraph 1 (interpretation)—

(a) in sub-paragraph (2)—

(i) the words from “in pursuance” to the end become paragraph (a);

(ii) at the end of that paragraph insert “ (a “section 12AA partnership return”), or ”;

(iii) after that paragraph insert—

“(b) required by regulations under paragraph 10 of Schedule A1 to TMA 1970 (a “Schedule A1 partnership return”).”;

(b) in sub-paragraph (3) after “in relation to a” insert “ section 12AA ”;

(c) after sub-paragraph (3) insert—

“(3A) “The nominated partner”, in relation to a Schedule A1 partnership return, has the meaning given by paragraph 5 of Schedule A1 to TMA 1970.”

(3) In paragraph 2(2) (restriction on circumstances when accelerated payment notices can be given) after “a successor of that partner” insert “ (in relation to a section 12AA partnership return), or to the nominated partner of the partnership (in relation to a Schedule A1 partnership return) ”.

(4) In paragraph 3(5)(a) (circumstances in which partner payment notices can be given) after “or a successor of that partner” insert “ (in relation to a section 12AA partnership return), or the nominated partner (in relation to a Schedule A1 partnership return) ”.

[F1 (5) In paragraph 8(2)(aa) (withdrawal etc of partner payment notices), before “partnership return”, in both places, insert “section 12AA”.]

Textual Amendments

F1 Sch. 14 para. 46(5) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 6 para. 15(4)