Finance Act 2015
2015 CHAPTER 11
Introduction
Section 112: Treatment of a Person Who is a Member of a Partnership
Summary
1.This section applies where a person is a member of a partnership.
Details of the Section
2.Subsections (1) and (2) provide that, where a person is a member of a partnership, references to the expenses, income or revenue, or a reduction in income, of the person includes references to the person’s share of the expenses, income or revenue, or a reduction in the income, of the partnership.
3.Subsection (3) defines what is meant by “the person’s share”.
Background Note
4.The diverted profits tax is a new charge on diverted profits. The main objective is to counteract contrived arrangements used by large groups (typically multinational enterprises) that result in the erosion of the UK tax base.
- Previous
- Explanatory Notes Table of contents
- Next