Section HG 3 — Income Tax Act 2007: General provisions relating to disposals

HG 3 General provisions relating to disposals Relationship between disposal upon dissolution and disposal safe harbours (1) Section HG 4 overrides sections HG 5 to HG 10 . Election out of disposal safe harbours for small partnerships (2) Sections HG 5 to HG 9 do not apply for the partners of a small partnership if the entering partner, the exiting partner, and the partnership, furnish returns of income that ignore the sections. Election in for specified livestock disposed of to entering partner (3) Section HG 10 applies for an entering partner if the entering partner furnishes a return of income that applies the section. Section HG 3: inserted, on 1 April 2008, by section 19(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2). Section HG 3(2): amended (with effect on 1 April 2008), on 6 October 2009, by section 269(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HG 3(3) heading: substituted (with effect on 1 April 2008), on 6 October 2009, by section 269(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section HG 3(3): substituted (with effect on 1 April 2008), on 6 October 2009, by section 269(2) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).