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HMRC internal manual

Business Income Manual

From
HM Revenue & Customs
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Partnerships - computation and assessment: other income: allocation of income

S850, S851 Income Tax (Trading and Other Income) Act 2005

The other income (or loss) for any period of account is allocated to the individual partners according to the commercial sharing arrangements in force for that period. As with trading income the allocation process cannot create or increase a loss - see BIM82245.