Corporation Tax Act 2009 (c. 4)

Part 17 U.K. Partnerships

Modifications etc. (not altering text)

C1 Pt. 17 applied (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 291

Calculation of partners' shares U.K.

1260 Section 1259: supplementary U.K.

(1) In determining under section 1259 the profits of a trade for any accounting period no account is taken of any losses for another accounting period.

(2) Profits and losses are determined under section 1259 on the basis that no interest paid or other distribution made by the firm is a distribution for the purposes of section 1305(1) (which provides that no deduction is allowed for dividends or other distributions).

Modifications etc. (not altering text)

C2 Ss. 1259-1265 modified (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 765(2), 768(4), 1184(1) (with Sch. 2)