# Taxes Management Act 1970, Paragraph 2

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

(1) For the purposes of this Schedule a partnership is a “relevant partnership” if one or more of the partners is an individual, unless all of the activities of the partnership which may give rise to profits or income are activities falling within sub-paragraph (2).
(2) The following activities fall within this sub-paragraph—
(a) the underwriting business of a Lloyd's partnership (as defined in section 184(1) of the Finance Act 1993);
(b) holding shares in respect of which a distribution may be made which is chargeable to income tax under Part 3 of ITTOIA 2005 by virtue of section 548(6) of CTA 2010 (distributions to shareholders in real estate investment trusts);
(c) participating in an open-ended investment company which may make distributions chargeable to income tax under Part 3 of ITTOIA 2005 by virtue of regulation 69Z18 of the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964) (property income distributions).

---
Source: https://www.legislation.gov.uk/ukpga/1970/9/schedule/A1/paragraph/2 (the official version)
Page: https://openlegislation.uk/taxes-management-act-1970/schedule-A1/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.