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39 1997

TAXES CONSOLIDATION ACT, 1997

PART 1

Interpretation

Interpretation of this Act.

[ITA67 s3; FA74 s86 and Sch2 PtI; CTA76 s155(1) and (2); CGT(A)78 s1(1); FA80 s9]

1. —(1) In this Act, except where the context otherwise requires, “repealed enactments” has the meaning assigned to it by section 1098 .

(2) In this Act and in any Act passed after this Act, except where the context otherwise requires—

the Capital Gains Tax Acts” means the enactments relating to capital gains tax in this Act and in any other enactment;

the Corporation Tax Acts” means the enactments relating to corporation tax in this Act and in any other enactment, together with the Income Tax Acts in so far as those Acts apply for the purposes of corporation tax;

the Income Tax Acts” means the enactments relating to income tax in this Act and in any other enactment;

the Tax Acts” means the Income Tax Acts and the Corporation Tax Acts.

(3) References in this Act to any enactment shall, except where the context otherwise requires, be construed as references to that enactment as amended or extended by any subsequent enactment.

(4) In this Act a reference to a Part, section or Schedule is to a Part or section of, or Schedule to, this Act, unless it is indicated that reference to some other enactment is intended.

(5) In this Act a reference to a subsection, paragraph, subparagraph, clause or subclause is to the subsection, paragraph, subparagraph, clause or subclause of the provision (including a Schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.

Interpretation of Tax Acts.

[ITA67 s1(1); CTA76 s155(3) to (5) and s171; F(MP)A68 s3(2) and Sch PtI; FA74 s1; FA75 s33(1); FA77 s41(1); FA97 s146(1) and Sch9 PtI par1(1)]

2. —(1) In the Tax Acts, except where otherwise provided or the context otherwise requires—

Appeal Commissioners” has the meaning assigned to it by section 850 ;

body of persons” means any body politic, corporate or collegiate, and any company, fraternity, fellowship and society of persons, whether corporate or not corporate;

capital allowance” means any allowance (other than an allowance or deduction to be made in computing profits or gains) under—

(a) Part 9,

(b) section 658,

(c) Chapter 1 of Part 24, or

(d) Part 29,

and “capital allowances” shall be construed accordingly;

Clerk to the Appeal Commissioners” means the person for the time being authorised by the Appeal Commissioners to act as such;

Collector-General” means the Collector-General appointed under section 851 ;

inspector” means an inspector of taxes appointed under section 852 ;

local authority” means—

(a) the corporation of a county or other borough,

(b) the council of a county, or

(c) the council of an urban district;

ordinary share capital”, in relation to a company, means all the issued share capital (by whatever name called) of the company, other than capital the holders of which have a right to a dividend at a fixed rate, but have no other right to share in the profits of the company;

profession” includes vocation;

resident” and “ordinarily resident”, in relation to an individual, shall be construed in accordance with Part 34 ;

statute” has the same meaning as in section 3 of the Interpretation Act, 1937 ;

tax credit” means a credit under section 136 ;

year of assessment” means a year for which income tax is imposed by any Act imposing duties of income tax;

the year 1997-98” means the year of assessment beginning on the 6th day of April, 1997, and any corresponding expression in which 2 years are similarly mentioned means the year of assessment beginning on the 6th day of April in the first-mentioned of those 2 years;

a source of income is within the charge to corporation tax or income tax if that tax is chargeable on the income arising from it, or would be so chargeable if there were any such income, and references to a person, or to income, being within the charge to tax, shall be similarly construed.

(2) Except where the context otherwise requires, in the Tax Acts, and in any enactment passed after this Act which by an express provision is to be construed as one with those Acts, “tax”, where neither income tax nor corporation tax is specified, means either of those taxes.

(3) Subsection (2) is without prejudice to section 76 (which applies income tax law for certain purposes of corporation tax), and accordingly the use of “income tax” rather than “tax” in any provision of the Income Tax Acts is not a conclusive indication that that provision is not applied to corporation tax by section 76.

(4) In the Tax Acts (other than sections 24 , 25 and 239 ), except where the context otherwise requires—

(a) references to income tax paid by a person by deduction shall be construed as including references to a tax credit to which the person is entitled, and

(b) references to repayment of income tax shall be construed as including references to payment of a tax credit.

Interpretation of Income Tax Acts.

[ITA67 s1(1) and s2; FA69 s65 and Sch5; FA74 s1; CGTA75 s2(5); FA91 s2(3) and Sch1 PtI par1; FA93 s2(2) and Sch1 PtI; FA94 s2(2); FA96 s132(1) and Sch5 PtI par1(1)]

3. —(1) In the Income Tax Acts, except where otherwise provided or the context otherwise requires—

higher rate”, in relation to tax, means the rate of tax known by that description and provided for in section 15 ;

incapacitated person” means any minor or person of unsound mind;

relative” includes any person of whom the person claiming a deduction had the custody and whom he or she maintained at his or her own expense while that person was under the age of 16 years;

standard rate”, in relation to tax, means the rate of tax known by that description and provided for in section 15 ;

tax” means income tax;

taxable income” has the meaning assigned to it by section 458 ;

total income” means total income from all sources as estimated in accordance with the Income Tax Acts;

trade” includes every trade, manufacture, adventure or concern in the nature of trade.

(2) (a) Subject to subsection (3), in the Income Tax Acts, “earned income”, in relation to an individual, means—

(i) any income arising in respect of any remuneration from any office or employment of profit held by the individual, or in respect of any pension, superannuation or other allowance, deferred pay, or compensation for loss of office, given in respect of the past services of the individual or of the husband or parent of the individual in any office or employment of profit, or given to the individual in respect of the past services of any deceased person, whether or not the individual or husband or parent of the individual shall have contributed to such pension, superannuation allowance or deferred pay,

(ii) any income from any property which is attached to or forms part of the emoluments of any office or employment of profit held by the individual, and

(iii) any income charged under Schedule D and immediately derived by the individual from the carrying on or exercise by the individual of his or her trade or profession, either as an individual or, in the case of a partnership, as a partner personally acting in the partnership.

(b) In cases where the profits of a wife are deemed to be profits of the husband, any reference in this subsection to an individual includes either the husband or the wife.

(3) Without prejudice to the generality of subsection (2), in the Income Tax Acts, except where otherwise expressly provided, “earned income” includes—

(a) any annuity made payable to an individual under the terms of an annuity contract or trust scheme for the time being approved by the Revenue Commissioners for the purposes of Chapter 2 of Part 30 to the extent to which such annuity is payable in return for any amount on which relief is given under section 787 , and

(b) any payment or other sum which is or is deemed to be income chargeable to tax under Schedule E for any purpose of the Income Tax Acts.

(4) References to profits or gains in the Income Tax Acts shall not include references to chargeable gains within the meaning of the Capital Gains Tax Acts.

Interpretation of Corporation Tax Acts.

[CTA76 s1(5)(a) to (d), s155(5), (9), (10), (11), (12) and (13); FA86 s57(1); FA90 s29(4); FA93 s42; FA97 s37(1)]

4. —(1) In the Corporation Tax Acts, except where the context otherwise requires—

accounting date” means the date to which a company makes up its accounts, and “period of account” means the period for which a company does so;

allowable loss” does not include, for the purposes of corporation tax in respect of chargeable gains, a loss accruing to a company in such circumstances that if a gain accrued the company would be exempt from corporation tax in respect of the gain;

branch or agency” means any factorship, agency, receivership, branch or management;

chargeable gain” has the same meaning as in the Capital Gains Tax Acts, but does not include a gain accruing on a disposal made before the 6th day of April, 1976;

charges on income” has the meaning assigned to it by section 243 (1);

close company” has the meaning assigned to it by sections 430 and 431 ;

company” means any body corporate and includes a trustee savings bank within the meaning of the Trustee Savings Banks Act, 1989 , but does not include—

(a) a health board,

(b) a grouping within the meaning of section 1014 ,

(c) a vocational educational committee established under the Vocational Education Act, 1930,

(d) a committee of agriculture established under the Agriculture Act, 1931, or

(e) a local authority, and for this purpose “local authority” has the meaning assigned to it by section 2 (2) of the Local Government Act, 1941 , and includes a body established under the Local Government Services (Corporate Bodies) Act, 1971;

distribution” has the meaning assigned to it by Chapter 2 of Part 6 and sections 436 and 437 ;

the financial year” followed by a reference to the year 1996 or any other year means the year beginning on the 1st day of January of such year;

franked investment income” and “franked payment” shall be construed in accordance with section 156 ;

group relief” has the meaning assigned to it by section 411 ;

interest” means both annual or yearly interest and interest other than annual or yearly interest;

preference dividend” means a dividend payable on a preferred share or preferred stock at a fixed rate per cent or, where a dividend is payable on a preferred share or preferred stock partly at a fixed rate per cent and partly at a variable rate, such part of that dividend as is payable at a fixed rate per cent;

profits” means income and chargeable gains;

standard credit rate” for a year of assessment means 21 per cent, and accordingly “standard credit rate per cent” for a year of assessment means 21;

standard rate per cent” for a year of assessment means 26 where the standard rate for that year is 26 per cent and similarly as regards any reference to the standard rate per cent for a year of assessment for which the standard rate is other than 26 per cent;

trade” includes vocation and includes also an office or employment.

(2) Except where otherwise provided by the Corporation Tax Acts and except where the context otherwise requires, words and expressions used in the Income Tax Acts have the same meaning in the Corporation Tax Acts as in those Acts; but no provision of the Corporation Tax Acts as to the interpretation of any word or expression, other than a provision expressed to extend to the use of that word or expression in the Income Tax Acts, shall be taken to affect its meaning in those Acts as they apply for the purposes of corporation tax.

(3) References in the Corporation Tax Acts to distributions or payments received by a company apply to any distributions or payments received by another person on behalf of or in trust for the company but not to any distributions or payments received by the company on behalf of or in trust for another person.

(4) References in the Corporation Tax Acts to—

(a) profits brought into charge to corporation tax are references to the amount of those profits chargeable to corporation tax before any deduction from those profits for charges on income, expenses of management or other amounts which can be deducted from or set against or treated as reducing profits of more than one description,

(b) total income brought into charge to corporation tax are references to the amount, calculated before any deduction mentioned in paragraph (a), of the total income from all sources included in any profits brought into charge to corporation tax, and

(c) an amount of profits on which corporation tax falls finally to be borne are references to the amount of those profits after making all deductions and giving all reliefs that for the purposes of corporation tax are made or given from or against those profits, including deductions and reliefs which under any provision are treated as reducing them for those purposes.

(5) For the purposes of the Corporation Tax Acts, except where otherwise provided, dividends shall be treated as paid on the date when they become due and payable.

(6) Except where otherwise provided by the Corporation Tax Acts, any apportionment to different periods to be made under the Corporation Tax Acts shall be made on a time basis according to the respective lengths of those periods.

Interpretation of Capital Gains Tax Acts.

[CGTA75 s2(1), (3) and (4); CTA76 s140(2) and Sch2 PtII par1; FA80 s61(a); FA90 s29(3); FA97 s146(1) and Sch9 PtI par9(1)]

5. —(1) In the Capital Gains Tax Acts, except where the context otherwise requires—

Appeal Commissioners” has the meaning assigned to it by section 850 ;

body of persons” has the same meaning as in section 2 ;

branch or agency” means any factorship, agency, receivership, branch or management, but does not include the brokerage or agency of a broker or agent referred to in section 1039 ;

local authority” has the meaning assigned to it by section 2 (2) of the Local Government Act, 1941 , and includes a body established under the Local Government Services (Corporate Bodies) Act, 1971;

allowable loss” has the meaning assigned to it by section 546 ;

capital allowance” means any allowance under the provisions of the Tax Acts which relate to allowances in respect of capital expenditure, and includes an allowance under section 284 ;

chargeable gain” has the same meaning as in section 545 ;

charity” has the same meaning as in section 208 ;

class”, in relation to shares or securities, means a class of shares or securities of any one company;

close company” has the meaning assigned to it by section 430 ;

company” means any body corporate, but does not include a grouping within the meaning of section 1014 ;

control” shall be construed in accordance with section 432 ;

inspector” means an inspector of taxes appointed under section 852 ;

land” includes any interest in land;

lease”—

(a) in relation to land, includes an underlease, sub-lease or any tenancy or licence, and any agreement for a lease, underlease, sub-lease or tenancy or licence and, in the case of land outside the State, any interest corresponding to a lease as so defined, and

(b) in relation to any description of property other than land, means any kind of agreement or arrangement under which payments are made for the use of, or otherwise in respect of, property,

and “lessor”, “lessee” and “rent” shall be construed accordingly;

legatee” includes any person taking under a testamentary disposition or an intestacy or partial intestacy or by virtue of the Succession Act, 1965, or by survivorship, whether such person takes beneficially or as trustee, and a person taking under a donatio mortis causa shall be treated as a legatee and such person's acquisition as made at the time of the donor's death and, for the purposes of this definition and of any reference to a person acquiring an asset as legatee, property taken under a testamentary disposition or on an intestacy or partial intestacy or by virtue of the Succession Act, 1965, includes any asset appropriated by the personal representatives in or towards the satisfaction of a pecuniary legacy or any other interest or share in the property devolving under the disposition or intestacy or by virtue of the Succession Act, 1965;

market value” shall be construed in accordance with section 548 ;

minerals” has the same meaning as in section 3 of the Minerals Development Act, 1940;

mining” means mining operations in the State for the purpose of obtaining, whether by underground or surface working, any minerals;

part disposal” has the meaning assigned to it by section 534 ;

personal representative” has the same meaning as in section 799 ;

prescribed” means prescribed by the Revenue Commissioners;

profession” includes vocation;

resident” and “ordinarily resident”, in relation to an individual, shall be construed in accordance with Part 34 ;

settled property” means any property held in trust other than property to which section 567 applies, but does not include any property held by a trustee or assignee in bankruptcy or under a deed of arrangement;

settlement” and “settlor” have the same meanings respectively as in section 10 , and “settled property” shall be construed accordingly;

shares” includes stock, and shares or debentures comprised in any letter of allotment or similar instrument shall be treated as issued unless the right to the shares or debentures conferred by such letter or instrument remains provisional until accepted and there has been no acceptance;

trade” has the same meaning as in the Income Tax Acts;

trading stock” has the same meaning as in section 89 ;

unit trust” means any arrangements made for the purpose, or having the effect, of providing facilities for the participation by the holders of units, as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property whatever;

units”, in relation to a unit trust, means any units (whether described as units or otherwise) into which are divided the beneficial interests in the assets subject to the trusts of a unit trust;

unit holder”, in relation to a unit trust, means a holder of units of the unit trust;

wasting asset” has the meaning assigned to it by section 560 and paragraph 2 of Schedule 14 ;

year of assessment”, in relation to capital gains tax, means a year beginning on the 6th day of April;

the year 1997-98” means the year of assessment beginning on the 6th day of April, 1997, and any corresponding expression in which 2 years are similarly mentioned means the year of assessment beginning on the 6th day of April in the first-mentioned of those 2 years.

(2) (a) References in the Capital Gains Tax Acts to a married woman living with her husband shall be construed in accordance with section 1015 (2).

(b) For the purposes of paragraph (a), the reference in section 1015 (2) to a wife shall be construed as a reference to a married woman.

(3) Any provision in the Capital Gains Tax Acts introducing the assumption that assets are sold and immediately reacquired shall not imply that any expenditure is incurred as incidental to the sale or reacquisition.

Construction of references to child in Tax Acts and Capital Gains Tax Acts.

[FA77 s36; FA92 s16]

6. —For the purposes of the Tax Acts and the Capital Gains Tax Acts, except where the contrary intention appears—

(a) references in any of those Acts to a child (including references to a son or a daughter) include references to—

(i) a stepchild, and

(ii) a child who is—

(I) adopted under the Adoption Acts, 1952 to 1991, or

(II) the subject of a foreign adoption (within the meaning of section 1 of the Adoption Act, 1991 ) which is deemed to have been effected by a valid adoption order made under the Adoption Acts, 1952 to 1991,

and

(b) the relationship between a child referred to in paragraph (a)(ii) and any other person, or between other persons, that would exist if such child had been born to the child's adoptor or adoptors in lawful wedlock, shall be deemed to exist between such child and that other person, or between those other persons, and the relationship of any such child and any person that existed prior to the child being so adopted shall be deemed to have ceased,

and “adopted child” shall be construed in accordance with this section.

Application to certain taxing statutes of Age of Majority Act, 1985.

[FA86 s112(1) and (2)]

7. —(1) Notwithstanding subsection (4) of section 2 of the Age of Majority Act, 1985 (in this section referred to as “the Act of 1985”), subsections (2) and (3) of that section shall, subject to subsection (2), apply for the purposes of the Income Tax Acts and any other statutory provision (within the meaning of the Act of 1985) dealing with the imposition, repeal, remission, alteration or regulation of any tax or other duty under the care and management of the Revenue Commissioners, and accordingly section 2(4)(b)(vii) of the Act of 1985 shall cease to apply.

(2) Nothing in subsection (1) shall affect a claimant's entitlement to a deduction under section 462 or 465 .

Construction of certain taxing statutes in accordance with Status of Children Act, 1987.

[FA88 s74(1) and (2)]

8. —(1) In this section, “the Acts” means—

(a) the Tax Acts,

(b) the Capital Gains Tax Acts,

(c) the Capital Acquisitions Tax Act, 1976, and the enactments amending or extending that Act, and

(d) the statutes relating to stamp duty,

and any instruments made thereunder.

(2) Notwithstanding any provision of the Acts or the dates on which they were passed, in deducing any relationship between persons for the purposes of the Acts, the Acts shall be construed in accordance with section 3 of the Status of Children Act, 1987.

Subsidiaries.

[CTA76 s156]

9. —(1) For the purposes of the Tax Acts, except where otherwise provided, a company shall be deemed to be—

(a) a “51 per cent subsidiary” of another company if and so long as more than 50 per cent of its ordinary share capital is owned directly or indirectly by that other company,

(b) a “75 per cent subsidiary” of another company if and so long as not less than 75 per cent of its ordinary share capital is owned directly or indirectly by that other company,

(c) a “90 per cent subsidiary” of another company if and so long as not less than 90 per cent of its ordinary share capital is directly owned by that other company.

(2) In paragraphs (a) and (b) of subsection (1), “owned directly or indirectly” by a company means owned whether directly or through another company or other companies or partly directly and partly through another company or other companies.

(3) In this section, references to ownership shall be construed as references to beneficial ownership.

(4) For the purposes of this section, the amount of ordinary share capital of one company owned by a second company through another company or other companies, or partly directly and partly through another company or other companies, shall be determined in accordance with subsections (5) to (10).

(5) Where, in the case of a number of companies, the first directly owns ordinary share capital of the second and the second directly owns ordinary share capital of the third, then, for the purposes of this section, the first shall be deemed to own ordinary share capital of the third through the second and, if the third directly owns ordinary share capital of a fourth, the first shall be deemed to own ordinary share capital of the fourth through the second and third, and the second shall be deemed to own ordinary share capital of the fourth through the third, and so on.

(6) In this section—

(a) any number of companies of which the first directly owns ordinary share capital of the next and the next directly owns ordinary share capital of the next but one and so on, and, if there are more than 3, any 3 or more of them, are referred to as a “series”;

(b) in any series—

(i) that company which owns ordinary share capital of another through the remainder is referred to as “the first owner”;

(ii) that other company the ordinary share capital of which is so owned is referred to as “the last owned company”;

(iii) the remainder, if one only, is referred to as an “intermediary” and, if more than one, are referred to as “a chain of intermediaries”;

(c) a company in a series which directly owns ordinary share capital of another company in the series is referred to as an “owner”;

(d) any 2 companies in a series of which one owns ordinary share capital of the other directly, and not through one or more of the other companies in the series, are referred to as being directly related to one another.

(7) Where every owner in a series owns the whole of the ordinary share capital of the company to which it is directly related, the first owner shall be deemed to own through the intermediary or chain of intermediaries the whole of the ordinary share capital of the last owned company.

(8) Where one of the owners in a series owns a fraction of the ordinary share capital of the company to which it is directly related, and every other owner in the series owns the whole of the ordinary share capital of the company to which it is directly related, the first owner shall be deemed to own that fraction of the ordinary share capital of the last owned company through the intermediary or chain of intermediaries.

(9) Where—

(a) each of 2 or more of the owners in a series owns a fraction, and every other owner in the series owns the whole, of the ordinary share capital of the company to which it is directly related, or

(b) every owner in a series owns a fraction of the ordinary share capital of the company to which it is directly related,

the first owner shall be deemed to own through the intermediary or chain of intermediaries such fraction of the ordinary share capital of the last owned company as results from the multiplication of those fractions.

(10) Where the first owner in any series owns a fraction of the ordinary share capital of the last owned company in that series through the intermediary or chain of intermediaries in that series, and also owns another fraction or other fractions of the ordinary share capital of the last owned company, either—

(a) directly,

(b) through an intermediary which is not a member, or intermediaries which are not members, of that series,

(c) through a chain or chains of intermediaries of which one or some or all are not members of that series, or

(d) in a case where the series consists of more than 3 companies, through an intermediary which is a member, or intermediaries which are members, of the series, or through achain or chains of intermediaries consisting of some but not all of the companies of which the chain of intermediaries in the series consists,

then, for the purpose of ascertaining the amount of the ordinary share capital of the last owned company owned by the first owner, all those fractions shall be aggregated and the first owner shall be deemed to own the sum of those fractions.

Connected persons.

[FA96 s131(1) to (8)]

10. —(1) In this section—

close company” has the meaning assigned to it by sections 430 and 431 ;

company” has the same meaning as in section 4 (1);

control” shall be construed in accordance with section 432 ;

relative” means brother, sister, ancestor or lineal descendant and, for the purposes of the Capital Gains Tax Acts, also means uncle, aunt, niece or nephew;

settlement” includes any disposition, trust, covenant, agreement or arrangement, and any transfer of money or other property or of any right to money or other property;

settlor”, in relation to a settlement, means any person by whom the settlement was made, and a person shall be deemed for the purposes of this section to have made a settlement if the person has made or entered into the settlement directly or indirectly and, in particular (but without prejudice to the generality of the preceding words), if the person has provided or undertaken to provide funds directly or indirectly for the purpose of the settlement, or has made with any other person a reciprocal arrangement for that other person to make or enter into the settlement.

(2) For the purposes of the Tax Acts and the Capital Gains Tax Acts, except where the context otherwise requires, any question whether a person is connected with another person shall be determined in accordance with subsections (3) to (8) (any provision that one person is connected with another person being taken to mean that they are connected with one another).

(3) A person shall be connected with an individual if that person is the individual's husband or wife, or is a relative, or the husband or wife of a relative, of the individual or of the individual's husband or wife.

(4) A person in the capacity as trustee of a settlement shall be connected with—

(a) any individual who in relation to the settlement is a settlor,

(b) any person connected with such an individual, and

(c) a body corporate which is deemed to be connected with that settlement, and a body corporate shall be deemed to be connected with a settlement in any accounting period or, as the case may be, year of assessment if, at any time in that period or year, as the case may be, it is a close company (or only not a close company because it is not resident in the State) and the participators then include the trustees of or a beneficiary under the settlement.

(5) Except in relation to acquisitions or disposals of partnership assets pursuant to bona fide commercial arrangements, a person shall be connected with any person with whom such person is in partnership, and with the spouse or a relative of any individual with whom such person is in partnership.

(6) A company shall be connected with another company—

(a) if the same person has control of both companies, or a person (in this paragraph referred to as “the first-mentioned person”) has control of one company and persons connected with the first-mentioned person, or the first-mentioned person and persons connected with the first-mentioned person, have control of the other company, or

(b) if a group of 2 or more persons has control of each company, and the groups either consist of the same persons or could be regarded as consisting of the same persons by treating (in one or more cases) a member of either group as replaced by a person with whom such member is connected.

(7) A company shall be connected with another person if that person has control of the company or if that person and persons connected with that person together have control of the company.

(8) Any 2 or more persons acting together to secure or exercise control of, or to acquire a holding in, a company shall be treated in relation to that company as connected with one another and with any person acting on the direction of any of them to secure or exercise control of, or to acquire a holding in, the company.

Meaning of “control” in certain contexts.

[CTA76 s158]

11. —For the purposes of, and subject to, the provisions of the Corporation Tax Acts which apply this section, “control”, in relation to a company, means the power of a person to secure—

(a) by means of the holding of shares or the possession of voting power in or in relation to that or any other company, or

(b) by virtue of any powers conferred by the articles of association or other document regulating that or any other company,

that the affairs of the first-mentioned company are conducted in accordance with the wishes of that person and, in relation to a partnership, means the right to a share of more than 50 per cent of the assets, or of more than 50 per cent of the income, of the partnership.