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CB 34: Amounts derived by members from mutual associations
or “How rebates from mutual associations may count as income”
You could also call this:

“How partners in a partnership might owe tax on some of their income”

If you are a partner in a partnership, you might have to pay income tax on some money. This happens when the rules about partnerships in subpart HG of the tax law say you should. Subpart HG talks about how to handle money in joint ventures, partnerships, and between partners. The amount of income you have to pay tax on depends on how these rules apply to you and your partnership.

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Part C Income
Income from business or trade-like activities: Exclusion for investment land

CB 35Amounts of income for partners

  1. A person who is a partner has an amount of income to the extent to which an amount of income results from the application of subpart HG (Joint venturers, partners, and partnerships) to them and their partnership.

Notes
  • Section CB 35: added, on , by section 5(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).