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Regulation 3 Qualifying partnerships

Original text. Later amendments are not shown.

(1)

A partnership which is governed by the laws of any part of Great Britain is a qualifying partnership for the purposes of these Regulations if each of its members is—

(a)

a limited company, or

(b)

an unlimited company, or a Scottish firm, each of whose members is a limited company.

(2)

Where the members of a qualifying partnership include—

(a)

an unlimited company, or a Scottish firm, each of whose members is a limited company, or

(b)

a member of another partnership each of whose members is—

(i)

a limited company, or

(ii)

an unlimited company, or a Scottish firm, each of whose members is a limited company,

any reference in regulations 4 to 8 below to the members of the qualifying partnership includes a reference to the members of that company, firm or other partnership.

(3)

The requirements of regulations 4 to 8 below shall apply without regard to any change in the members of a qualifying partnership which does not result in it ceasing to be such a partnership.

(4)

Any reference in paragraph (1) or (2) above to a limited company, an unlimited company, a Scottish firm or another partnership includes a reference to any comparable undertaking incorporated in or formed under the law of any country or territory outside Great Britain.