10 Income tax and chargeable gains
Limited Liability Partnerships Act 2000 (2000 c 12) | Legislation

Taxation

10  Income tax and chargeable gains

(1)     . . .

(2)     . . .

(3)     In the Taxation of Chargeable Gains Act 1992, after section 59 insert—

“59A Limited liability partnerships

(1)     Where a limited liability partnership carries on a trade or business with a view to profit—

(a)     assets held by the limited liability partnership shall be treated for the purposes of tax in respect of chargeable gains as held by its members as partners, and

(b)     any dealings by the limited liability partnership shall be treated for those purposes as dealings by its members in partnership (and not by the limited liability partnership

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