Prospective
47U.K.FA 2016 is amended as follows.
48(1)Schedule 18 (serial tax avoidance) is amended as follows.U.K.
(2)In paragraph 51(8)(b) (partnerships: information) after “TMA 1970” insert “ , or under equivalent provision made by regulations under paragraph 10 of Schedule A1 to that Act, ”.
(3)In paragraph 52 (partnerships: special provision about taxpayer emendations)—
(a)in sub-paragraph (1) for “subsection (1)(b) of section 12AB of that Act (partnership statement)” substitute “ section 12AB(1)(b) of that Act or under equivalent provision made by regulations under paragraph 10 of Schedule A1 to that Act (partnership statement) ”;
(b)in sub-paragraph (3)—
(i)in the words before paragraph (a), after “that person's successor” insert “ (in the case of a section 12AA partnership return) or the nominated partner (in the case of a Schedule A1 partnership return) ”;
(ii)for “subsection (1)(b) of section 12AB of TMA 1970 (partnership statement)” substitute “ section 12AB(1)(b) of TMA 1970 or under equivalent provision made by regulations under paragraph 10 of Schedule A1 to that Act (partnership statement) ”.
(4)In paragraph 53(1) (supplementary provision relating to partnerships)—
(a)in the definition of “the representative partner” after “in relation to a” insert “ section 12AA ”;
(b)after the definition of “successor” insert—
““the nominated partner”, in relation to a Schedule A1 partnership return, has the meaning given by paragraph 5 of Schedule A1 to TMA 1970.”
(5)In paragraph 58(1) (general interpretation), for the definition of “partnership return” substitute—
““partnership return” means a return—
(a)under section 12AA of TMA 1970 (a “section 12AA partnership return”), or
(b)required by regulations made under paragraph 10 of Schedule A1 to TMA 1970 (a “Schedule A1 partnership return”);”.
49(1)Schedule 19 (large businesses: tax strategies and sanctions) is amended as follows.U.K.
(2)In paragraph 12(5) (definition of “representative partner”)—
(a)the words from “the partner” to the end become paragraph (a);
(b)at the end of that paragraph insert “ , or ”;
(c)after that paragraph insert—
“(b)the nominated partner within the meaning of paragraph 5 of Schedule A1 to TMA 1970.”
(3)In paragraph 13 (definition of “financial year”) in paragraph (c) for “under a return issued under section 12AB” substitute “ within the meaning of ”.