# Finance Act 2018, Paragraph 3


(1) TMA 1970 is amended as follows.
(2) In section 12AA (partnership returns), after subsection (10A) insert—
“(10B) If—
(a) a partner in a partnership is partner as trustee for a beneficiary who is absolutely entitled to the partner's share of the profits of the partnership, and
(b) the beneficiary is chargeable to tax on those profits,
references in this Act to the partner include references to the beneficiary.”
(3) In section 118(1) (interpretation), at the appropriate place insert—
““partner” is to be construed in accordance with section 12AA(10B) of this Act;”.

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