{
  "url": "https://openlegislation.uk/finance-act-2022/schedule-17/paragraph-4",
  "json_url": "https://openlegislation.uk/finance-act-2022/schedule-17/paragraph-4.json",
  "legislation": "ukpga/2022/3",
  "legislation_title": "Finance Act 2022",
  "legislation_url": "https://openlegislation.uk/finance-act-2022",
  "path": "schedule/17/paragraph/4",
  "kind": "paragraph",
  "number": "4",
  "heading": "“Partnership” and “qualifying partnership”",
  "text": "(1) “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.\n(2) A partnership is not a partnership for the purposes of this Schedule if it is—\n(a) a collective investment scheme, within the meaning of Part 17 of FISMA 2000, or\n(b) an AIF, as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).\n(3) 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—\n(a) UK turnover of more than £200 million;\n(b) a UK balance sheet total of more than £2 billion.\n(4) 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).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2022/3/schedule/17/paragraph/4",
    "retrieved_at": "2026-10-29T08:57:50.927298+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."
}