[F11258ABare trustsU.K.
This section has no associated Explanatory Notes
(1)This section applies if—
(a)a partner in a firm is partner as trustee for a beneficiary who is absolutely entitled to the partner's share of the profits of the firm, and
(b)the beneficiary is chargeable to tax on those profits.
(2)References in this Part to a partner or member of the firm include references to the beneficiary.]
Textual Amendments
F1S. 1258A inserted (with effect in accordance with Sch. 6 para. 4(2) of the amending Act) by Finance Act 2018 (c. 3), Sch. 6 para. 2