Section 849 Calculation of firm’s profits or losses
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(1) If—
(a) a firm carries on a trade, and
(b) any partner in the firm is chargeable to income tax,
the profits or losses of the trade are calculated on the basis set out in subsection (2) or (3), as the case may require.
(2) For any period of account in which the partner is a UK resident individual, the profits or losses of the trade are calculated as it the firm were a UK resident individual.
(3) For any period of account in which the partner is non-UK resident, the profits or losses of the trade are calculated as if the firm were a non-UK resident individual.
(4) In calculating under subsection (2) or (3) the profits of a trade for any period of account no account is taken of any losses for another period of a account.
Amendments
Subs (4) inserted by Corporation Tax Act 2009 section 1322 and Schedule 1 para 639 for 2009-10 and later tax years (for income tax and capital gains tax purposes), and for accounting periods ending on or after 1 April 2009 (for corporation tax purposes).
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