SCHEDULES
SCHEDULE 19Large businesses: tax strategies and sanctions
PART 1Interpretation
12“UK partnership”, “qualifying partnership” and “representative partner”
1
“UK partnership” means a body of any of the following descriptions which is carrying on a trade, business or profession with a view to profit—
a
a partnership within the meaning of the Partnership Act 1890,
b
a limited partnership registered under the Limited Partnerships Act 1907, or
c
a limited liability partnership incorporated in the United Kingdom.
2
A UK partnership is a “qualifying partnership” in a financial year, if it satisfied the qualification test for a UK partnership at the end of the previous financial year (subject to any regulations under sub-paragraph (4)).
3
The qualification test for a UK partnership is that the partnership satisfied either or both of the following conditions (by reference to the previous financial year)—
1. The partnership’s turnover | More than £200 million |
2. The partnership’s balance sheet total | More than £2 billion. |
4
The Treasury may by regulations provide that a UK partnership of a description specified in the regulations is not a qualifying partnership for the purposes of this Schedule (or any such purpose specified in the regulations).
5
“Representative partner”, in relation to a UK partnership, means the partner who is required by a notice served under or by virtue of section 12AA(2) or (3) of TMA 1970 to make and deliver returns to an officer of HMRC.