CFM36020 - Loan relationships: partnerships: credits and debits calculated separately for each partner
Applying the loan relationships rules
CTA09/PT5/CH9 applies where the following conditions, in S380, are satisfied.
- A trade, profession or business is carried on by persons in partnership (바카라 사이트˜the firm바카라 사이트™),
- any of those persons is a company (a 바카라 사이트˜company partner바카라 사이트™), and
- a money debt is owed by or to the firm.
바카라 사이트˜Money debt바카라 사이트™ is defined at CTA09/S301 - see CFM31020.
Computing the profits
When computing the partnership profits in accordance with CTA09/PT17, S380 excludes any debits or credits from
- the money debt, or
- any loan relationship that would be treated as arising from that money debt (such as interest on trade debts).
The debits and credits are instead computed separately for each company partner, by