857. Liability for CGT of partnerships.

Where two or more persons carry on a trade or business in partnership, capital gains tax in respect of chargeable gains accruing to the partners on the disposal of any partnership assets must be assessed and charged on them separately1; and any partnership dealings on which chargeable gains accrue are treated as dealings by the partners as individuals and not by the firm as such2. The members of a partnership include any person entitled to a share of capital gains of the partnership