Annex 1: Minor Changes in the Law Change 88: Partnerships: change of basis: Schedule 1 ITTOIA
Section 860 of ITTOIA rewrites paragraph 13 of Schedule 22 to FA 2002 for income tax. It is expressed to apply to trades. The extension of the rules in the partnership Part of ITTOIA to non-trade businesses (see section 847(2) of that Act) does not apply to section 860. So for income tax there is no explicit rule about how to deal with the partners’ share of adjustment income in a property business.