Part 1 New Schedule to FA 2013
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 32 The GAAR and Partnerships

Section 124

Part 1 New Schedule to FA 2013

1

After Schedule 43C of FA 2013 insert—

“SCHEDULE 43D
The GAAR and Partnerships
Section 209
Part 1
General

Introductory

1

(1)     This Schedule makes provision about the operation of the general anti-abuse rule in relation to partnerships.

(2)     This Schedule applies where—

(a)     a return is made under section 12AA of TMA 1970 (a “section 12AA partnership returnâ€), or

(b)     a return is made in accordance with regulations under paragraph 10 of Schedule A1 to TMA 1970 (a “Schedule A1 partnership returnâ€).

Meaning of “the responsible partnerâ€

2

In this Schedule, “the responsible partner†means—

(a)     in relation to the making of a section 12AA partnership return, the person who delivered the return or their successor (within the meaning of section 12AA(11) of TMA 1970);

(b)     in relation to the making of a Schedule A1 partnership return, the nominated partner (within the meaning of paragraph 5 of Schedule A1 to TMA 1970).

Partnership return made on basis that tax advantage arises

3

(1)     For the purposes of this Schedule, a partnership return is regarded

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