Section GB 50 — Income Tax Act 2007: Arrangements involving partners

GB 50 Arrangements involving partners When this section applies (1) This section applies when— (a) a partner of a partnership enters into an arrangement; and (b) the arrangement involves an amount of consideration (the arrangement amount of consideration ) that is not a market value amount of consideration; and (c) the arrangement has a purpose or effect of defeating the intent and application of subpart HG (Joint venturers, partners, and partnerships). Market value amount substituted (2) A market value amount of consideration is substituted for the arrangement amount of consideration. Defined in this Act: amount , arrangement , partner , partnership Section GB 50: added, on 1 April 2008, by section 17(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).