Paragraph 15 F1
P passes the profits and assets test in relation to a partnership if, throughout the relevant period, the sum of the percentages given by paragraphs (a), (b) and (c) is at least 5%—
the percentage which is P's direct interest in the assets of the partnership,
the percentage which is P's share of the partnership through direct interest companies that are members of the partnership (see paragraph 16), and
the percentage which is P's share of the partnership through direct interest companies and relevant corporate partners in the partnership (see paragraph 18).
Annotations
Textual amendments
- F1
Sch. 7ZA inserted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 5
Notes on Schedule 7ZA
Textual amendments
- F2
Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))