Taxes Consolidation Act 1997 section 30

Partnerships

Section 30 deals with the taxation of capital gains arising from the disposal of assets held by a partnership, confirming that each partner is assessed individually rather than the partnership itself.

• A partnership (or "firm") is not a separate legal entity for capital gains tax purposes, so it cannot be assessed to CGT in its own right.
• When partnership assets are sold at a profit, the resulting chargeable gain is apportioned among the individual partners according to their respective shares.
• Each partner is assessed and charged to capital gains tax separately on their portion of the gain.
• All dealings in assets by the partnership are treated as dealings by the individual partners, not by the firm as such.