# Finance Act 2016, Paragraph 12


(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 turnover
More than £200 million
2. The partnership's balance sheet total
More 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.

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Source: https://www.legislation.gov.uk/ukpga/2016/24/schedule/19/paragraph/12 (the official version)
Page: https://openlegislation.uk/finance-act-2016/schedule-19/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.