30 Partnerships

In the case of a partnership, chargeable gains accruing to the partners on the disposal of partnership assets are apportioned between the partners and assessed and charged on them separately and not on the partnership itself. Any partnership dealings in assets are treated as dealings by the partners and not by the partnership as such.

[Cases where taxpayers do not accept the inspector’s apportionment of the gains and cases involving gains on the transfer of interests in partnership assets between partners should be submitted to the Office of the Chief Inspector of Taxes]

Relevant Date: Finance Act 2021