{
  "url": "https://openlegislation.uk/finance-act-2016/schedule-19/paragraph-12",
  "json_url": "https://openlegislation.uk/finance-act-2016/schedule-19/paragraph-12.json",
  "legislation": "ukpga/2016/24",
  "legislation_title": "Finance Act 2016",
  "legislation_url": "https://openlegislation.uk/finance-act-2016",
  "path": "schedule/19/paragraph/12",
  "kind": "paragraph",
  "number": "12",
  "heading": null,
  "text": "(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—\n(a) a partnership within the meaning of the Partnership Act 1890,\n(b) a limited partnership registered under the Limited Partnerships Act 1907, or\n(c) a limited liability partnership incorporated in the United Kingdom.\n(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)).\n(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)—\n1. The partnership's turnover\nMore than £200 million\n2. The partnership's balance sheet total\nMore than £2 billion.\n(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).\n(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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [
    {
      "type": "words substituted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "words inserted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "words substituted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "words inserted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "words substituted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
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    {
      "type": "words inserted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
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    {
      "type": "words inserted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "words substituted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "words renumbered as Sch. 19 para. 12(5)(a)",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "word inserted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    },
    {
      "type": "inserted",
      "affecting": "ukpga/2017/32",
      "affecting_title": "Finance (No. 2) Act 2017"
    }
  ],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2016/24/schedule/19/paragraph/12",
    "retrieved_at": "2026-10-29T09:06:05.350093+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."
}