Section 850 Allocation of firm’s profits or losses between partners
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Amendments
Section 850 substituted by Corporation Tax Act 2009 section 1322 and Schedule 1 para 640 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).
(1) For any period of account a partner’s share of a profit or loss of a trade carried on by a firm is determined for income tax purposes in accordance with the firm’s profit-sharing arrangements during that period.
(2) In this section and sections 850A and 850B “profit-sharing arrangements” means the rights of the partners to share in the profits of the trade and the liabilities of the partners to share in the losses of the trade.
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