BIM72225 - Partnerships: Computation & assessment: Changes in Ownership

Where there is a complete change in the ownership of the partnership’s business ICTA88/S113 (1) applies. In these circumstances the partnership’s business is treated as having ceased and recommenced.

Where there is a partial change in the ownership of the partnership’s business and the partnership carries on the same business both before and after the change the business is treated as continuing (ICTA88/S113 (2)).