Finance (No. 2) Act 2017

FA 2014

45 (1) Schedule 31 (follower notices and partnerships) is amended as follows.

(2) In paragraph 2 (interpretation)—

(a) in sub-paragraph (3)—

(i) the words from “in pursuance” to the end become paragraph (a);

(ii) at the end of that paragraph insert “(a “section 12AA partnership return”), or”;

(iii) after that paragraph insert—

“(b) required by regulations under paragraph 10 of Schedule A1 to TMA 1970 (a “Schedule A1 partnership return”).”;

(b) in sub-paragraph (4) after “in relation to a” insert “section 12AA”;

(c) after sub-paragraph (4) insert—

“(4A) “The nominated partner”, in relation to a Schedule A1 partnership return, has the meaning given by paragraph 5 of Schedule A1 to TMA 1970.”

(3) In paragraph 3 (giving of follower notices in relation to partnership returns)—

(a) in sub-paragraph (1), after “in relation to a” insert “section 12AA”;

(b) after sub-paragraph (1) insert—

“(1A) For the purposes of section 204 a Schedule A1 partnership return, or an appeal in respect of the return, is to be regarded as made by the person who is for the time being the nominated partner (if that would not otherwise be the case).”;

(c) in sub-paragraph (2), at the end insert “, or the nominated partner (as the case may be).”;

(d) in sub-paragraph (4)—

(i) in paragraph (a), after “or a successor of that partner,” insert “or as the nominated partner of a partnership,”;

(ii) in paragraph (b) after “successors of that partner” insert “or to a nominated partner”.

(4) In paragraph 5 (calculation of penalty etc) in sub-paragraph (10)—

(a) the words from “the representative partner” to the end become paragraph (a);

(b) at the end of that paragraph insert “(in relation to a section 12AA partnership return), or”;

(c) after that paragraph insert—

“(b) the nominated partner (in relation to a Schedule A1 partnership return).”