Corporation Tax Act 2009 section 1269

Interpretation of sections 1267 and 1268

Section 1269 defines key terms used in sections 1267 and 1268, which deal with rules for trades and property businesses carried on by partnerships, including elections for spreading adjustments when accounting bases change.

• "Profit-sharing arrangements" means the partners' rights to share in the profits of the partnership's trade or property business
• The "date on which the new basis was adopted" is the first day of the first period of account for which the new basis was used
• These definitions apply specifically in the context of partnerships changing their accounting basis for trades or property businesses
• The equivalent income tax rule for individuals in partnerships is found in section 860(6) of the Income Tax (Trading and Other Income) Act 2005