# Finance Act 2018, Paragraph 1


In ITTOIA 2005, after section 848 insert—
“Bare trusts
848A (1) This section applies if—
(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
(b) the beneficiary is chargeable to tax on those profits.
(2) References in this Part to a partner or member of the firm include references to the beneficiary.”

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Source: https://www.legislation.gov.uk/ukpga/2018/3/schedule/6/paragraph/1 (the official version)
Page: https://openlegislation.uk/finance-act-2018/schedule-6/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.