Schedule 3

references to partnerships include references to limited partnerships; and

references to partners of a partnership include references to partners of a limited partnership.”.(c)Section 31(i)Insert, immediately after the words “(rights of persons dealing with firm against apparent members of firm)” in subsection (3), the words “as it applies to any form of partnership”. (ii)Insert, immediately after the words “(notice to acting partner to be notice to the firm)” in subsection (5), the words “as it applies to any form of partnership”. (iii)Insert, immediately after the words “Partnership Act” in subsection (6), the words “as it applies to any form of partnership”. (3)Housing Developers (Control and Licensing) Act (Chapter 130, 1985 Ed.) (a)Section 2(i)Delete the full-stop at the end of the definition of “manager” and substitute a semi-colon. (ii)Insert, immediately after the definition of “manager”, the following definition:“ “partner”, in relation to a limited partnership, means a general partner as defined in the Limited Partnerships Act 2008.”. (iii)Renumber the section as subsection (1) and insert immediately thereafter the following subsection: “(2) In this Act, unless it is expressly provided to the contrary, the words “group of persons” shall not include a partnership.”.(b)Sections 5(b) and 28Insert, immediately after the words “group of persons,”, the word “partnership,”.(c)Section 6(1)Insert, immediately after the words “body of persons”, the words “(whether incorporated or unincorporated)”. (4)Income Tax Act (Chapter 134, 2008 Ed.) —Insert, immediately after section 36B, the following section: “Limited partnership 36C.—

For the purposes of this Act, except as otherwise provided —

references to a partnership include references to a limited partnership; and

references to partners of a partnership include references to partners of a limited partnership. (2) In ascertaining the income of a limited partnership for the purpose of section 36(1)(a), section 10E shall apply to income from any business of the making of investments as if the limited partnership were a company. (3) For any year of assessment, the amount of relevant deductions that may be allowed to or transferred by a limited partner of a limited partnership shall not exceed —

in the case of a relevant deduction allowed to him under section 35(2), an amount equal to the amount ascertained in accordance with the formula(b)in the case of a relevant deduction allowed to him under section 37(3)(a), an amount equal to the amount ascertained in accordance with the formula(c)in the case of a transferred deduction transferred by him, an amount equal to the amount ascertained in accordance with the formula(d)in the case of a carry-back deduction allowed to or transferred by him, an amount equal to the amount ascertained in accordance with the formula where Ais his contributed capital in that year of assessment; Bis the past relevant deductions already allowed to him; Cis the relevant deduction allowed to him in that year of assessment under section 35(2); Dis the relevant deduction allowed to him in that year of assessment under section 37(3)(a); and Eis the transferred deduction transferred by him in that year of assessment. (4) If, as a result of any reduction in the contributed capital of a limited partner of a limited partnership in any year of assessment, the past relevant deductions already allowed to him exceeds his contributed capital, the excess shall be deemed to be income of the limited partner chargeable with tax under section 10(1)(g) for that year of assessment, and an amount equal to the excess shall be deemed to be a loss incurred by him in the trade, business, profession or vocation of the limited partnership. (5) Subsections (3) and (4) shall not apply in the year of assessment relating to the basis period in which the limited partner ceases to be a limited partner of a limited partnership or in any subsequent year of assessment. (6) The precedent partner of a limited partnership shall make and deliver, together with a return of the income of the limited partnership under section 71 or when required by the Comptroller by notice in writing, a return of the contributed capital of each partner of the limited partnership for any year of assessment. (7) For the purposes of this section, the Minister may make regulations to give full effect to or to carry out the purposes of this section. (8) In this section — “carry-back deductions”, in relation to a limited partner of a limited partnership in any year of assessment, means —

any deduction allowed to the limited partner of any allowance arising from any trade, business or profession, or any loss incurred in any trade, business, profession or vocation carried on by him in the limited partnership that is made against his assessable income from any other source for the immediate preceding year of assessment under section 37E; or (b)any allowance arising from any trade, business or profession, or any loss incurred in any trade, business, profession or vocation carried on by him in the limited partnership that is transferred by him to a spouse under section 37F; “contributed capital”, in relation to a limited partner of a limited partnership in any year of assessment, means the aggregate of —

the amount, as at the end of the basis period for the year of assessment to be determined by the Comptroller, which he has contributed (in cash or in kind but not including any loan by him to the limited partnership) to the limited partnership as capital, and has not, directly or indirectly, drawn out or received back (whether as a distribution or a loan from the limited partnership or otherwise); and (b)the amount, as at the end of the basis period for the year of assessment to be determined by the Comptroller, of any profits or gains of the trade, business, profession or vocation from any past year of assessment to which he is entitled as a limited partner but which he has not, directly or indirectly, received (whether as a distribution or a loan from the limited partnership or otherwise); “limited partner” means a partner of a limited partnership referred to in paragraph (b) of the definition of “limited partnership”; (a)one or more partners who shall be liable for all the debts and obligations of the partnership; and (b)one or more partners whose liability for the debts and obligations of the partnership is limited; “past relevant deductions”, in relation to a limited partner of a limited partnership in any year of assessment, means the aggregate of any relevant deductions allowed to the partner less any amount deemed under subsection (4) to be income chargeable with tax in any year of assessment before that year of assessment; “precedent partner” has the same meaning as in section 71; “relevant deductions”, in relation to a limited partner of a limited partnership, means —

any deduction allowed to the limited partner under section 35(2) of any allowance arising from any trade, business or profession carried on by him in the limited partnership; (b)any deduction allowed to the limited partner under section 37(3)(a) of any loss incurred in any trade, business, profession or vocation carried on by him in the limited partnership that is made against his statutory income from any other source; (c)any transferred deduction transferred by the partner; or (d)any carry-back deduction allowed to or transferred by the partner, as the case may be; “transferred deduction”, in relation to a limited partner of a limited partnership, means any allowance arising from any trade, business or profession, or any loss incurred in any trade, business, profession or vocation carried on by him in the limited partnership that is transferred by him to a claimant company under section 37C or to a spouse under section 37D.”. (5)Limited Liability Partnerships Act (Chapter 163A, 2006 Ed.) Section 19(i)Insert, immediately after the words “Business Registration Act (Cap. 32)” in subsection (1)(c), the words “, section 17 of the Limited Partnerships Act 2008”. (ii)Insert, immediately after the words “limited liability partnership” in subsection (4)(b), the words “or limited partnership”.