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S854 Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005)

»Ê¹ÚÌåÓýapp basis of assessment for the shares of other income allocated to each partner depends on whether that income is:

taxed income - see PM163520 - or untaxed income - see PM163510, and on whether the partnership is:

• a trading or professional partnership, or
• a partnership with an investment business (that is, a business which is not a trade or profession) - see PM163130.

For these purposes ‘untaxed income� is income that is not:

• income from which Income Tax has been deducted, or
• income from, or on which, Income Tax is treated as having been deducted or paid, or
• dividends and other distributions of a company chargeable to Income Tax under Pt4 Ch3 ITTOIA 2005.