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7(1)This paragraph applies where—U.K.
(a)a person or persons have ceased to be members of a partnership,
(b)immediately before the cessation, a [F1defeat notice,] conduct notice or monitoring notice had effect in relation to the partnership, and
(c)immediately after the cessation, a person who was a member of the partnership immediately before the cessation is carrying on the business of the partnership, but not in partnership.
(2)Where this paragraph applies, the [F2defeat notice,] conduct notice or monitoring notice continues (despite paragraphs 1 and 2) to have effect in relation to the person mentioned in sub-paragraph (1)(c) (but, in relation to times when the business is not being carried on in partnership, the notice is not regarded for the purposes of this Part of this Act as a notice that has been given to a partnership.)
Textual Amendments
F1Words in Sch. 36 para. 7(1)(b) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(12)
F2Words in Sch. 36 para. 7(2) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 160(13)