Taxes Consolidation Act 1997 section 1007

Interpretation (Part 43)

Section 1007 sets out the key definitions used throughout Part 43 in relation to the taxation of partnership trades and professions.

• Defines terms including "partnership trade", "precedent partner", "basis period", "relevant period", "annual payment" and "balancing charge"
• The "relevant period" determines the continuous lifespan of a partnership for tax purposes, running from commencement until the trade ceases or every partner is simultaneously replaced
• The "precedent partner" is the partner resident in the State who is first named in the partnership agreement, or who has precedence in the firm name, and who bears responsibility for partnership tax filings
• The Part applies equally to professions as it does to trades, with any necessary modifications