Paragraph 4 “Partnership” and “qualifying partnership”
United Kingdom
“Partnership” means a partnership (wherever formed) or a limited liability partnership incorporated in the United Kingdom that is carrying on a trade, business or profession with a view to profit.
A partnership is not a partnership for the purposes of this Schedule if it is—
a collective investment scheme, within the meaning of Part 17 of FISMA 2000, or
an AIF, as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).
A partnership is a “qualifying partnership” in any financial year if, in the previous financial year, the partnership had either or both of the following—
UK turnover of more than £200 million;
a UK balance sheet total of more than £2 billion.
The Treasury may by regulations provide that a 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).