s 3 Interest in relevant assets of partnership treated as single asset
(1) Where this Schedule applies section 59 (partnerships) does not have effect to make the company chargeable on its share of gains accruing on each disposal of relevant assets of the partnership. (2) Instead— (a) the company’s interest in relevant assets of the partnership is treated as a single asset (“ the single asset ”) acquired by the company when it became a member of the partnership, and (b) the following provisions of this Schedule have effect. (3) For the purposes of this Schedule the “ relevant assets ” of the partnership are the shares and securities held by the partnership, other than qualifying corporate bonds. (4) Nothing in this Schedule shall be read— (a) as affecting the operation of section 59 in relation to partners who are not insurance companies carrying on long-term business or are not limited partners, or (b) as imposing any liability on the partnership as such.