Section 385 — Corporation Tax Act 2009: Company partners' shares where firm owns deeply discounted securities

Company partners' shares where firm owns deeply discounted securities 385 1 This section applies if the firm holds a deeply discounted security.

2 Each partner is treated for the purposes of this Chapter as beneficially entitled to the share of the security specified in subsection (3).

3 That share is the share to which the partner would be entitled if—

a all the partners were companies, and b the security were apportioned in the shares in which any profit or loss would be apportioned between them in accordance with the firm's profit-sharing arrangements.

4 In this section “ deeply discounted security ” has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 430 of that Act).