Related Commentary  Related HMRC Manuals

59(1)  Where 2 or more persons carry on a trade or business in partnership–

(a)tax in respect of chargeable gains accruing to them on the disposal of any partnership assets shall, in Scotland as well as elsewhere in the United Kingdom, be assessed and charged on them separately, and

(b)any partnership dealings shall be treated as dealings by the partners and not by the firm as such;

(c)[repealed by FA 1995, s. 162 and Sch. 29, Pt. VIII(16).]

59(2)  Subsection (3) applies if–

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.