SCHEDULE 6 Partnerships | Part 5 | Returns Conclusive As To Shares Of Profits And Losses | Finance Act 2018 C3

Part 5 Returns Conclusive as to Shares of Profits and Losses

Finance Act 2018 (2018 c 3) | Legislation

Part 5 Returns Conclusive as to Shares of Profits and Losses

(1) TMA 1970 is amended as follows.

(2) After section 12ABZA (as inserted by this Act) insert—

“12ABZB Partnership return conclusive as to partnership shares

(1) A partnership return is conclusive for tax purposes as to—

(a) whether a person does or does not have a share in the profits or losses of the partnership for any period, and

(b) what the share of any person in those profits or losses is.

(2) That applies even where the person would not otherwise be chargeable to tax on profits of the partnership.

(3) If there is a dispute between the person mentioned in subsection (1)(a) or (b) and any one or more partners in the partnership about whether what is given in a partnership return is correct as to the matters mentioned in that subsection, a party to the dispute may refer it to the tribunal for determination.

(4) That does not include a dispute to the extent that it is in substance about the amount (before sharing) of the partnership's profits or losses for a period.

(5) A referral under subsection (3) must be made