Partnership and the BES
07/04/1992
Query
Would a company carrying on a qualifying trade in partnership be precluded per se from being considered to be a qualifying company?
Decision
No, provided that the company carrying on a trade in partnership invests the monies raised in ITSELF, then that company can be regarded as a qualifying company (provided the other conditions are met). If however, the BES monies raised are used to invest in a partnership trade then the company would not qualify. i.e. the BES money must be used for the BES company's trade.
Income Tax
Section 495, Taxes Consolidation Act, 1997
Origin: Direct Taxes International and Administration
File ref:322/92