{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-1262",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-1262.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/1262",
  "kind": "section",
  "number": "1262",
  "heading": "Allocation of firm's profits or losses between partners",
  "text": "(1) For any accounting period of a firm a partner's share of a profit or loss of a trade carried on by the firm is determined for corporation tax purposes in accordance with the firm's profit-sharing arrangements during that period.\nThis is subject to sections 1263 to 1264A and section 12ABZB of TMA 1970 (partnership return is conclusive).\n(2) If a firm makes qualifying charitable donations, a partner's share of the donations is determined for corporation tax purposes in accordance with the firm's profit-sharing arrangements during the accounting period of the firm in which the donations are made.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) In this section and sections 1263 and 1264 “profit-sharing arrangements” means the rights of the partners to share in the profits of the trade and the liabilities of the partners to share in the losses of the trade.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 1262(1) substituted (retrospective to 5.12.2013 and with effect in accordance with Sch. 17 paras. 12, 13 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 paras. 10(2), 11"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 1262(1) inserted (with effect in accordance with Sch. 6 para. 14 of the amending Act) by Finance Act 2018 (c. 3), Sch. 6 para. 12"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 1262(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 691(2)(a) (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 1262(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 691(2)(b) (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 1262(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 691(2)(c) (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "S. 1262(3) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 691(3), Sch. 3 Pt. 1 (with Sch. 2)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Ss. 1259-1265 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 765(2), 768(4), 1184(1) (with Sch. 2)"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 1262(1) applied by 2010 c. 4, s. 357WH (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/1262",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}