1011 Provision as to charges under section 757

This section is concerned with charges under section 757 in respect of capital gains on the sale of patent rights. Where a charge (referred to as a “joint charge”) under section 757 would, if the Income Tax Acts had so provided, have fallen to be made in charging the profits of a partnership trade, a charge equal to his/her “appropriate share” of the joint charge is to be made on each of the partners in charging the profits of his/her several trade. A partner’s appropriate share of a joint charge under that section is to be determined in the same way as his/her appropriate share of a joint (balancing) charge is determined under section 1010(7).

Relevant Date: Finance Act 2021