SCHEDULE 7PARTNERSHIPS
PART 5TRANSACTIONS INVOLVING TRANSFERS FROM A PARTNERSHIP
Corresponding partner
I124
1
For the purposes of paragraph 22 (see Step 2), a person is a corresponding partner in relation to a relevant owner if, immediately before the transaction—
a
the person was a partner, and
b
the person was the relevant owner or was an individual connected with the relevant owner.
2
For the purpose of sub-paragraph (1)(b), a company is to be treated as an individual connected with the relevant owner if it—
a
holds property as trustee, and
b
is connected with the relevant owner only because of section 1122(6) of the Corporation Tax Act 2010 (c. 4) (as it has effect with the omission of subsection (6)(c) to (e)).