The basis period rules to be applied to your share of the partnership’s non-trading or professional income are described below. If the partnership carried on a trade or profession in 2011–12 then the basis period will depend on whether tax has been deducted from that income. Your share of the partnership’s non-trading or professional income from which no UK tax has been deducted, ‘untaxed income’, is treated as having been derived from a ‘notional’ business which you carried on alone. The same basis period and overlap rules which are applied to your share of the partnership’s trading or professional profits are applied to the ‘notional’ business which is treated.
