100. Liability of partnership to capital gains tax.

Where two or more persons carry on a trade or business in partnership capital gains tax in respect of chargeable gains accruing to them on the disposal of any partnership assets must be assessed and charged on them separately1; and any partnership dealings must be treated as dealings by the partners and not by the firm as such2.

If a person resident in the United Kingdom (the 'resident partner') is a member of a partnership which resides outside the United Kingdom or which carries on any trade, profession or business the control and management of which is situated outside the