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Finance Act 2014

Schedule 36 - Partnerships Part 3

91.This part of the Schedule provides for the responsibilities of the partners for meeting the obligations imposed under this Part of the Act.  Paragraph 15 provides that all responsible partners are required to comply with notices given under the legislation. Subparagraph (1) gives the meaning of responsible partners. Subparagraph (4) sets out which partners can exercise a right of appeal.

92.Paragraph 16 provides that the responsible partners are jointly and severally liable to penalties and interest on penalties.  Subparagraph (2) explains from which partners penalties and interest cannot be recovered.  Subparagraph (3) defines relevant time for the purposes of subparagraph (2).

93.Paragraph 17 explains to which partners or partner HMRC may serve a notice.  Subparagraph (2) gives the meaning of representative partner for the purposes of the paragraph. Subparagraph (3) explains when a designation (or revocation of a designation) of a representative partner by HMRC has effect.

94.Paragraph 18 allows the partners to nominate a partner (the “nominated partner”) to meet the obligations of the responsible partners on their behalf.

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