461. Partner's income.

If persons carrying on a trade in partnership (a firm) carry on a trade, profession1 or a business that is not a trade or profession, and any partner in the firm is chargeable to income tax, the profits or losses of the trade, profession or business are calculated as follows. For any period of account2 in which the partner is a UK resident individual, the profits or losses are calculated as if the firm were a UK resident individual. For any period of account in which the partner is a non-UK resident, the profits or losses are calculated as