BIM80710 - Post-cessation receipts: individual born before 6 April 1917: measure of relief: ICTA88/S109

Relief is to be given under ICTA88/S109 by assessing a fraction only of the net sums (after deduction of expenses, losses and capital allowances - see BIM80535) which would otherwise be chargeable under ICTA88/S104. The fraction is:

1. 5/20ths if the individual was 65 years of age or over at 5 April 1968,
   
   
2. 6/20ths if he individual was 64 but not 65 on that date,
   
   
3. 7/20ths if the individual was 63 but not 64 and so on, the fraction increasing as the age decreases until it becomes:
   
   
4. 19/20ths if the individual was 51 but not 52 on 5 April 1968.
   
   

ICTA88/S109 (5) provides that a partner is not to be given relief on a sum greater than a certain fraction of the net amount chargeable under ICTA88/S104 accruing to the partnership. This fraction is to be obtained by dividing the individual’s share of the assessed partnership profits for the three years of assessment ending with the year of discontinuance or change of accounting basis by the total of such profits.