6

This paragraph is subject to paragraph 8A (exception from compliance test: firms).

Exception from compliance test: firms8A

1

The conditions in paragraph 8 (the compliance test: firms) do not need to be satisfied by the firm if, at the time of the application—

a

one or more of the partners is already registered for gross payment as a partner in another firm or otherwise than as a partner in a firm, and

b

that partner has, or those partners together have, a right to a share of at least half the assets, or at least half the income, of the firm.

2

In sub-paragraph (1)(a) the reference to registration for gross payment does not include registration for gross payment by virtue of this paragraph or paragraph 12A (exception from compliance test: companies).