{
  "url": "https://openlegislation.uk/finance-act-2018/schedule-6/paragraph-1",
  "json_url": "https://openlegislation.uk/finance-act-2018/schedule-6/paragraph-1.json",
  "legislation": "ukpga/2018/3",
  "legislation_title": "Finance Act 2018",
  "legislation_url": "https://openlegislation.uk/finance-act-2018",
  "path": "schedule/6/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "In ITTOIA 2005, after section 848 insert—\n“Bare trusts\n848A (1) This section applies if—\n(a) a partner in a firm is partner as trustee for a beneficiary who is absolutely entitled to the partner's share of the profits of the firm, and\n(b) the beneficiary is chargeable to tax on those profits.\n(2) References in this Part to a partner or member of the firm include references to the beneficiary.”",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2018/3/schedule/6/paragraph/1",
    "retrieved_at": "2026-10-29T09:05:08.491687+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."
}