Part 3 Returns: Information to be Included
Finance Act 2018 (2018 c 3) | Legislation

Part 3 Returns: Information to be Included

6

(1)     TMA 1970 is amended as follows.

(2)     In section 12AA (partnership returns) after subsection (1A) insert—

“(1B)     Where a partnership to which subsection (1) applies (“the reporting partnershipâ€) includes a partner which is itself a partnership, references in subsections (1) and (1A) to a partner include an indirect partner in the reporting partnership.

(1C)     For the purposes of this section, a person is an indirect partner in the reporting partnership if the person is a partner in—

(a)     a partnership which is a partner in the reporting partnership, or

(b)     any partnership which is an indirect partner in the reporting partnership by virtue of the preceding application of this subsection.â€

(3)     In section 12AB (partnership statements), after subsection (1) insert—

“(1A)     Where at any time in a period mentioned in subsection (1)(a) the reporting partnership is a partner in another partnership which carries on a trade, profession or business—

(a)     income or loss that the reporting partnership accrues or sustains thereby is to be treated for the purposes of subsection (1)(a)(i) as from a source that is separate from any of its other sources of income or loss,

(b)     consideration

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