Related Commentary  Related CasesRelated HMRC Manuals

847(1)  In this Act persons carrying on a trade in partnership are referred to collectively as a “firm”.

847(2)  The provisions of this Part which are expressed to apply to trades also apply, unless otherwise indicated (whether expressly or by implication)–

(a)to professions, and

(b)in the case of this section and sections 849, 850, 857 and 858 to businesses that are not trades or professions.

847(3)  In those sections as applied by subsection (2)(b)–

(a)references to a trade are references to a business, and

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