1269Interpretation of sections 1267 and 1268U.K.
This section has no associated Explanatory Notes
In sections 1267 and 1268—
(a)“profit-sharing arrangements” means the rights of the partners to share in the profits of the trade or property business (as the case requires), and
(b)references to the date on which the new basis was adopted are to the first day of the first period of account for which it was adopted.