# Corporation Tax Act 2009, Section 1262: Allocation of firm's profits or losses between partners

Extent: E+W+S+N.I.

(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.
This is subject to sections 1263 to 1264A and section 12ABZB of TMA 1970 (partnership return is conclusive).
(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.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(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.

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Source: https://www.legislation.gov.uk/ukpga/2009/4/section/1262 (the official version)
Page: https://openlegislation.uk/corporation-tax-act-2009/section-1262
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.