Joint venturers

Heading: inserted, on 1 April 2008, by section 19(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).

HG 1 Joint venturers
When this section applies

(1)

This section applies when 2 or more people derive income jointly or have deductions jointly, and they are not partners in the same partnership.

Separate shares

(2)

Each person must calculate their net income for a tax year taking into account their share of the joint income and deductions.

Exclusion

(3)

This section does not apply to the income derived by and the deductions of an airport operator from activities that are activities undertaken as an airport operator.

Defined in this Act: airport operator, deduction, income, net income, partner, partnership, tax year

Section HG 1: inserted, on 1 April 2008, by section 19(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).