Section 259NE | Treatment of a person who is a member of a partnership ^F1

(1)This section applies where a person is a member of a partnership.

(2)Any reference in this Part to income, profits or an amount of the person includes a reference to the person's share of (as the case may be) income, profits or an amount of the partnership.

(3)For this purpose “the person's share” of income, profits or an amount is determined by apportioning the income, profits or amount between the partners on a just and reasonable basis.

(4)In this section—

(a)“partnership” includes an entity established under the law of a territory outside the United Kingdom of a similar character to a partnership, and

(b)“member” of a partnership is to be read accordingly.