C1Part 17Partnerships
Introduction
1256Overview of Part
1
This Part contains some special rules about partnerships.
2
For restrictions that in some circumstances affect relief for losses, and certain other reliefs, for a company that is a member of a partnership see F1Chapter 3 of Part 22 of CTA 2010 (transfer of relief within partnerships).
1257General provisions
1
In this Act persons carrying on a trade in partnership are referred to collectively as a “firm”.
2
This section and sections 1259 to 1266 are expressed to apply to trades, but unless otherwise indicated (whether expressly or by implication) also apply to businesses that are not trades.
3
In those sections as applied by subsection (2)—
a
references to a trade are references to a business, and
b
references to the profits of a trade are references to the income arising from a business.
1258Assessment of firms
Unless otherwise indicated (whether expressly or by implication), a firm is not to be regarded for corporation tax purposes as an entity separate and distinct from the partners.
1258AF2Bare trusts
1
This section applies if—
a
a partner in a firm is partner as trustee for a beneficiary who is absolutely entitled to the partner's share of the profits of the firm, and
b
the beneficiary is chargeable to tax on those profits.
2
References in this Part to a partner or member of the firm include references to the beneficiary.
Pt. 17 applied (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 291