Annex 1: Minor Changes in the Law Change 88: Partnerships: change of basis: Schedule 1 ICTA and FA 2002
The change of basis rules in section 64 of, and Schedule 22 to, FA 2002 apply to property businesses because the rules are specifically applied by section 21B of ICTA. In the case of a property business carried on in partnership section 111(10) of ICTA (before it was repealed by ITTOIA) and section 114(1) of ICTA (for corporation tax) set out how each partner’s share of the income from a property business is determined.
In addition paragraph 13 of Schedule 22 to FA 2002 sets out how to calculate each partner’s share of an adjustment charge.