# Finance Act 2022, Paragraph 4: “Partnership” and “qualifying partnership”

Extent: E+W+S+N.I.

(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.
(2) A partnership is not a partnership for the purposes of this Schedule if it is—
(a) a collective investment scheme, within the meaning of Part 17 of FISMA 2000, or
(b) an AIF, as defined by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).
(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—
(a) UK turnover of more than £200 million;
(b) a UK balance sheet total of more than £2 billion.
(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).

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Source: https://www.legislation.gov.uk/ukpga/2022/3/schedule/17/paragraph/4 (the official version)
Page: https://openlegislation.uk/finance-act-2022/schedule-17/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.