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Amendment of section 1008 (separate assessment of partners) of Principal Act.
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30.— (1) Section 1008 of the Principal Act is amended—
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(a) in subsection (2)(a)—
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(i) by renumbering the existing text as subparagraph (i), and
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(ii) by inserting the following subparagraph after subparagraph (i):
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“(ii) Where for any year or period within the relevant period the aggregate of the respective amounts (in this subparagraph referred to as the ‘aggregate’) of the profits or gains which under subparagraph (i) are taken as arising to each partner in the partnership is less than the full amount of the profits or gains of the partnership trade for that year or period, then the amount of the difference (in this subparagraph referred to as the ‘balance’) between that full amount and the aggregate shall for the purposes of subsection (1) be apportioned in full between the partners—
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(I) in the ratio which is expressed between the partners in relation to the apportionment of the balance, or
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(II) where there is no such ratio expressed—
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(A) in the same ratio as the ratio which applies between the respective amounts of the profits or gains which, under subparagraph (i), were taken as arising to each partner, or
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(B) where no amount of profits or gains was, under subparagraph (i), taken as arising to any individual partner, in equal shares.”,
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and
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(b) by deleting subsection (4).
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(2) Subsection (1) of this section applies as respects the full amount of the profits or gains of a partnership trade (as provided for in subsection (3)(a) of section 1008 of the Principal Act for the purposes of subsection (2) of that section) for any year or period ending on or after 1 January 2007.
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