Section 1258A Bare trustsF1

(1)

This section applies if—

(a)

a partner in a firm is partner as trustee for a beneficiary who is absolutely entitled to the partner's share of the profits of the firm, and

(b)

the beneficiary is chargeable to tax on those profits.

(2)

References in this Part to a partner or member of the firm include references to the beneficiary.

Annotations

F1: S. 1258A inserted (with effect in accordance with Sch. 6 para. 4(2) of the amending Act) by Finance Act 2018 (c. 3), Sch. 6 para. 2