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Partnership assets

Last updated 5 October 2009

Generally, any capital gain or capital loss from a CGT event happening to a partnership asset is made by the partners individually and not the partnership. This rule will not apply where a CGT event happens to a depreciating asset. Under the UCA, a depreciating asset-that is, a partnership asset-is treated as being held by the partnership and not by the individual partners.

QC27417