Section 58 — Finance Act 2008: UK residents and foreign partnerships

UK residents and foreign partnerships 58 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 In section 59 of TCGA 1992 (partnerships), insert at the end— 4 For the purposes of subsections (2) and (3) the members of a partnership include any person entitled to a share of capital gains of the partnership.

3 In section 858 of ITTOIA 2005 (resident partners and double taxation agreements), insert at the end— 4 For the purposes of this section the members of a firm include any person entitled to a share of income of the firm.

4 The amendments made by subsections (1) to (3) are treated as always having had effect.

5 For the purposes of the predecessor provisions, the members of a partnership are to be treated as having included, at all times to which those provisions applied, a person entitled to a share of income or capital gains of the partnership. 6 “ The predecessor provisions ” means—

a section 153(4) and (5) of the Income and Corporation Taxes Act 1970 (c. 10) (as it had effect under section 62(2) of F(No.2)A 1987),

and b sections 112(4) to (6) and 115(5) of ICTA.