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Paragraph 12

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

“UK partnership” means a body of any of the following descriptions which is carrying on a trade, business or profession with a view to profit—

(a)

a partnership within the meaning of the Partnership Act 1890,

(b)

a limited partnership registered under the Limited Partnerships Act 1907, or

(c)

a limited liability partnership incorporated in the United Kingdom.

(2)

A UK partnership is a “qualifying partnership” in a financial year, if it satisfied the qualification test for a UK partnership at the end of the previous financial year (subject to any regulations under sub-paragraph (4)).

(3)

The qualification test for a UK partnership is that the partnership satisfied either or both of the following conditions (by reference to the previous financial year)—

1. The partnership's turnoverMore than £200 million
2. The partnership's balance sheet totalMore than £2 billion.
(4)

The Treasury may by regulations provide that a UK partnership of a description specified in the regulations is not a qualifying partnership for the purposes of this Schedule (or any such purpose specified in the regulations).

(5)

“Representative partner”, in relation to a UK partnership, means the partner who is required by a notice served under or by virtue of section 12AA(2) or (3) of TMA 1970 to make and deliver returns to an officer of HMRC.