- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
640For section 850 (allocation of firm’s profits or losses between partners) substitute—
(1)For any period of account a partner’s share of a profit or loss of a trade carried on by a firm is determined for income tax purposes in accordance with the firm’s profit-sharing arrangements during that period.
This is subject to sections 850A and 850B.
(2)In this section and sections 850A and 850B “profit-sharing arrangements” means the rights of the partners to share in the profits of the trade and the liabilities of the partners to share in the losses of the trade.
(1)For any period of account, if—
(a)the calculation under section 849 in relation to a partner (“A”) produces a profit, and
(b)A’s share determined under section 850 is a loss,
A’s share of the profit of the trade is neither a profit nor a loss.
(2)For any period of account, if—
(a)the calculation under section 849 in relation to A produces a profit,
(b)A’s share determined under section 850 is a profit, and
(c)the comparable amount for at least one other partner is a loss,
A’s share of the profit of the trade is the amount produced by the formula in subsection (3).
(3)The formula is—
where—
FP is the amount of the firm’s profit calculated under section 849 in relation to A,
PP is the amount determined under section 850 to be A’s profit, and
TCP is the total of the comparable amounts attributed to other partners under step 3 in subsection (4) that are profits.
(4)The comparable amount for each partner other than A is determined as follows.
Step 1
Take the firm’s profit calculated under section 849 in relation to A.
Step 2
Determine in accordance with the firm’s profit-sharing arrangements during the relevant period of account the shares of that profit that are attributable to each of the other partners.
Step 3
Each such share is the comparable amount for the partner to whom it is attributed.
(5)In subsections (2) to (4) “partner” means any partner in the firm, whether or not chargeable to income tax.
(1)For any period of account, if—
(a)the calculation under section 849 in relation to a partner (“A”) produces a loss, and
(b)A’s share determined under section 850 is a profit,
A’s share of the loss of the trade is neither a profit nor a loss.
(2)For any period of account, if—
(a)the calculation under section 849 in relation to A produces a loss,
(b)A’s share determined under section 850 is a loss, and
(c)the comparable amount for at least one other partner is a profit,
A’s share of the loss of the trade is the amount produced by the formula in subsection (3).
(3)The formula is—
where—
FL is the amount of the firm’s loss calculated under section 849 in relation to A,
PL is the amount determined under section 850 to be A’s loss, and
TCL is the total of the comparable amounts attributed to other partners under step 3 in subsection (4) that are losses.
(4)The comparable amount for each partner other than A is determined as follows.
Step 1
Take the firm’s loss calculated under section 849 in relation to A.
Step 2
Determine in accordance with the firm’s profit-sharing arrangements during the relevant period of account the shares of that loss that are attributable to each of the other partners.
Step 3
Each such share is the comparable amount for the partner to whom it is attributed.
(5)In subsections (2) to (4) “partner” means any partner in the firm, whether or not chargeable to income tax.”
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Schedule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Schedule you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Part you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
Y Ddeddf Gyfan you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Ddeddf Gyfan heb Atodlenni you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Rhestrau you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Testun a grëwyd gan yr adran o’r llywodraeth oedd yn gyfrifol am destun y Ddeddf i esbonio beth mae’r Ddeddf yn ceisio ei wneud ac i wneud y Ddeddf yn hygyrch i ddarllenwyr nad oes ganddynt gymhwyster cyfreithiol. Cyflwynwyd Nodiadau Esboniadol ym 1999 ac maent yn cyd-fynd â phob Deddf Gyhoeddus ac eithrio Deddfau Adfeddiannu, Cronfa Gyfunol, Cyllid a Chyfnerthiad.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys