[12AA Partnership return]
Taxes Management Act 1970 (1970 c 9) | Legislation

[Partnerships]

[12AA  Partnership return]

[[(1)     Where a trade, profession or business is carried on by two or more persons in partnership, for the purpose of facilitating the establishment of the following amounts, namely—

(a)     the amount in which each partner chargeable to income tax for any year of assessment is so chargeable [and the amount payable by way of income tax by each such partner], and

(b)     the amount in which each partner chargeable to corporation tax for any period is so chargeable,

an officer of the Board may act under subsection (2) or (3) below (or both).]

[(1A)     For the purposes of subsection (1) above—

(a)     the amount in which a partner is chargeable to income tax or corporation tax is a net amount, that is to say, an amount which takes into account any relief or allowance for which a claim is made; and

(b)     the amount payable by a partner by way of income tax is the difference between the amount in which he is chargeable to income tax and the aggregate amount of any income tax deducted at source . . ..]

[(1B)     Where a partnership to which subsection (1) applies (“the reporting partnership”) includes

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