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Amendment of section 1013 (limited partnerships) of Principal Act.
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37.—Section 1013 of the Principal Act is amended—
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(a) in subsection (1) in the definition of “limited partner”—
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(i) in paragraph (c) by substituting “trade,” for “trade, or”,
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(ii) in paragraph (d) by substituting “partner,” for “partner;”, and
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(iii) by inserting the following after paragraph (d):
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“(e) a person who carries on the trade as a partner in a partnership registered under the law of any territory outside the State, otherwise than as an active partner, or
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(f) a person who carries on the trade jointly with others under any agreement, arrangement, scheme or understanding which is governed by the law of any territory outside the State, otherwise than as a person who works for the greater part of his or her time on the day-to-day management or conduct of that trade;”,
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and
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(b) in subsection (2)(a)—
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(i) in subparagraph (II) by substituting “trade,” for “trade, or”,
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(ii) in subparagraph (III) by substituting “trade, or” for “trade,”, and
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(iii) by inserting the following after subparagraph (III):
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“(IV) where the individual is a limited partner in relation to a trade by virtue of paragraph (e) or (f) of the definition of ‘limited partner’ and the relevant year of assessment is the year of assessment 2005 or any subsequent year of assessment, only against income consisting of profits or gains arising from the trade,”.
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