Commentary on Sections Overview Part 6: Partnership shares Paragraph 52: Application of money deducted in accumulation period
3110.This paragraph contains provisions that govern how partnership share money deducted may be applied during an accumulation period. The paragraph derives from paragraph 42 of Schedule 8.
3111.The material in this paragraph has been rearranged. After the introductory proposition (sub-paragraph (1)), the central propositions are now in sub-paragraphs (2) and (3); those propositions are followed by a limitation that applies to those two sub-paragraphs (sub-paragraph (4)), and then by a definition with the same ambit (sub-paragraph (5)).
3112.Sub-paragraph (4) provides for sub-paragraphs (2) and (3) (instead of the paragraph as a whole) to be subject to paragraph 53; and sub-paragraph (5) provides for the definition of “the acquisition date” to apply in both sub-paragraphs (2) and (3) (instead of in sub-paragraph (2) only as in paragraph 42 of Schedule 8).
3113.In sub-paragraph (2) the words “under a partnership share agreement” have been added; and in sub-paragraph (7) the constituent parts of this provision have been reorganised, and the words “to be” have been added in the expression “is to be paid”.