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Paragraph 17 F1

The percentage which is P's indirect share of the partnership through a particular direct interest company that is a member of the partnership (“company DICP”) at a particular time is given by—

R × V × 100

where—

R is the fraction of company DICP's ordinary share capital that is owned by P at that time, and

V is the lower of—

  1. (a)

    the fraction of the profits of the partnership in which company DICP has an interest at that time, and

  2. (b)

    the fraction of the assets of the partnership in which company DICP has an interest at that time.

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))