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CW 55BB: Minors' income, to limited extent
or “Tax exemption on some income for young people under certain conditions”
You could also call this:

“Partners in a partnership may have tax-free income from partnership rules”

If you are a partner in a partnership, you might have some income that you don’t need to pay tax on. This is called exempt income. You get this exempt income when the rules about partnerships in subpart HG of the tax law are applied to you and your partnership. The amount of exempt income you get depends on how these rules work out for your specific situation.

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Part C Income
Exempt income

CW 55BAmounts of exempt income for partners

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

Notes
  • Section CW 55B: inserted, on , by section 8(1) of the Taxation (Limited Partnerships) Act 2008 (2008 No 2).