[F112AB Partnership return to include partnership statement.U.K.
[F2(1)Every [F3partnership return] shall include a statement (a partnership statement) of the following amounts, namely—
(a)in the case of [F4the period in respect of which the return is made and each period of account ending within that period]—
(i)the amount of income or loss from each source which, on the basis of the information contained in the return and taking into account any relief or allowance a section 42(7) claim for which is included in the return, has accrued to or has been sustained by the partnership for [F5the period in question],
[F6(ia)the amount of the consideration which, on that basis, has accrued to the partnership in respect of each disposal of partnership property during that period,]
(ii)each amount of income tax which, on that basis, has been deducted or treated as deducted from any income of the partnership, or treated as paid on any such income, for that period,
(iii)the amount of each tax credit which, on that basis, has accrued to the partnership for that period, and
(iv)the amount of each charge which, on that basis, was a charge on the income of the partnership for that period; and
(b)in the case of each such period [F7as is mentioned in paragraph (a) above] and each of the partners, the amount which, on that basis and (where applicable) taking into account any such relief or allowance, is equal to his share of that income, loss, [F8consideration,] tax, credit or charge.]
F9(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)In this section—
F10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F12“section 42(7) claim” means a claim under any of the provisions mentioned in section 42(7) of this Act;]
[F12“tax credit” means a tax credit to which section 231 of the principal Act applies [F13in the case of corporation tax and section 397(1) of ITTOIA 2005 applies in the case of income tax]].]
Textual Amendments
F1S. 12AB inserted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), s. 185; S.I. 1998/3173, art. 2
F2S. 12AB(1) substituted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 104(7)
F3Words in s. 12AB(1) substituted (with effect in accordance with s. 88(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 29 para. 19
F4Words in s. 12AB(1)(a) substituted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(a)
F5Words in s. 12AB(1)(a)(i) substituted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(b)
F6S. 12AB(1)(ia) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(c)
F7Words in s. 12AB(1)(b) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(d)
F8Word in s. 12AB(1)(b) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 123(5)(d)
F9S. 12AB(2)-(4) repealed (with effect in accordance with s. 88(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 29 para. 3(1), Sch. 33 Pt. 2(13) Note
F10Words in s. 12AB(5) repealed (with effect in accordance with s. 88(3) of the amending Act) by Finance Act 2001 (c. 9), Sch. 29 para. 3(1), Sch. 33 Pt. 2(13) Note
F11Words in s. 12AB(5) repealed (24.7.2002) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(16)
F12Words in s. 12AB(5) inserted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 104(8)
F13Words in s. 12AB(5) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 364 (with Sch. 2)