Related Commentary  

1267(1)  In the case of a trade or property business carried on by a firm, the amount of any adjustment under–

(a)Chapter 14 of Part 3 (adjustment on change of basis: trades), or

(b)section 262 (giving effect to positive and negative adjustments: property businesses),

is calculated as if the firm were a UK resident company.

1267(2)  Each partner's share of any amount brought into account as a receipt under Chapter 14 of Part 3, or section 262, is determined according to the firm's profit-sharing arrangements for the 12 months ending immediately before the date on which the new basis was adopted.

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