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

Adjustment on change of basis U.K.

1268 Election for spreading under Chapter 14 of Part 3 U.K.

(1) A change in the persons carrying on a trade does not constitute the permanent cessation of the trade for the purposes of section 186 (mark to market: election for spreading) so long as a company carrying on the trade in partnership immediately before the change continues to carry it on in partnership after the change.

(2) Any election under section 186 must be made jointly by all the persons who have been members of the firm in the period of 12 months ending immediately before the date on which the new basis was adopted.