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The Partnerships (Restrictions on Contributions to a Trade) Regulations 2006
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- 2006 No. 1639
- Regulation 4
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Exclusion when computing the amount of the relevant individual’s contribution to the trade
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4. Where these Regulations apply—
(a)apportion the amount referred to in regulation 3(d) between the partners in the firm immediately before the new partner becomes a partner, according to their profit-sharing arrangements at that time,
(b)the amount apportioned to the relevant individual under paragraph (a) shall be excluded when computing the amount of that individual’s contribution to the trade (but not so as to produce a contribution less than nil), at the time of whichever of the events referred to in regulation 3 is the latest to occur, for the purposes of section 119(2)(b) or (c) of the Finance Act 2004, and
(c)accordingly, recalculate that individual’s contribution to the trade, as at the time of that event, for the purposes of determining—
(i)whether that event is an exit event within the meaning of section 119(2)(b) or (c) of the Finance Act 2004, and
(ii)the chargeable amount for the purposes of section 119(5) of that Act.
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