Part 2 Conditions to be Satisfied by Firms
Finance Act 2004 (2004 c 12) | Legislation

Part 2 Conditions to be Satisfied by Firms

General

5

In the case of an application for an individual or a company to be registered for gross payment as a partner in a firm, the following conditions must be satisfied by the firm.

The business test

6

The applicant must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that the firm's business—

(a)     is carried on in the United Kingdom, and

(b)     satisfies the conditions mentioned in paragraph 2(a) and (b).

The turnover test

7

(1)     The partners must satisfy the Inland Revenue, by such evidence as may be prescribed in regulations made by the Board of Inland Revenue, that the carrying on of the firm's business is likely to involve the receipt in the year following the making of the application of an aggregate amount by way of relevant payments which is not less than whichever is the smaller of—

(a)     the multiple turnover threshold; and

(b)     the amount specified for the purposes of this paragraph in regulations made by the Board;

and in this sub-paragraph “relevant payments†has the meaning given

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