Introduction Details of the Sections Section 167 – Partnerships
361.Subsection (1) defines “Partnerships” for the purposes of this Part.
362.Subsection (2) provides for the application of provisions under this Part to partnerships and treats the partners as jointly beneficially entitled to the single-dwelling interest instead of the partnership itself.
363.Subsection (3) provides for a partnership to continue (and to be treated as the same partnership) for the purposes of this Part as long as at least one member of the partnership is the same as before and after any changes in membership.
364.Subsection (4) provides for a collective investment scheme not to be regarded as a partnership and that a member of a partnership whose assets are held for the purposes of a collective investment scheme is to be a treated as a participant in the scheme rather than a partner, for annual tax on enveloped dwellings purposes.
365.Subsection (5) provides for a representative partner or partners to act on behalf of the partnership in complying with this Part.
366.Subsection (6) provides for the nomination of a representative partner for the purposes of subsection (5).
367.Subsection (7) requires that notice of a nomination of a representative partner for the purposes of this section (or the revocation of such a nomination) must be made to an officer of HM Revenue and Customs to be effective.