The current definition of securities includes shares in any body corporate (wherever incorporated) or in any unincorporated body constituted under the law of a country or territory outside the United Kingdom.

Although in general law a LLP is regarded as a ‘body corporate’, for tax purposes we will not normally regard any United Kingdom partnership, limited partnership, or limited liability partnership as a ‘body corporate’, (see BIM82115 and ITTOIA2005/863 for more details).

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