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Finance Act 2004
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35(1)Paragraph 19 (partnerships involving companies) is amended as follows.
(2)Omit sub-paragraph (10).
(3)For sub-paragraph (11) substitute—
“(11)Where the company partner uses fair value accounting in relation to its interest in the partnership, the debits and credits to be brought into account under this paragraph by that company must be determined on the basis of fair value accounting.”.
(4)In sub-paragraph (12) for the words from “carried to or sustained by a reserve” to the end substitute “recognised in the firm’s statement of recognised gains and losses or statement of changes in equity”.
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