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Partnership taxation

Expert commentary and practical guidance from ICAEW on the taxation of partnerships within the UK business tax regime

In this section

Everybody should have a terrier on the farm

Terriers come in two types. There are small hairy ones that are ideal for keeping down the rats in the barn, but for the purposes of this article, we will be concentrating on the other sort – according to the Oxford English Dictionary, “A register of the lands belonging to a landowner, originally including a list of tenants, their holdings, and the rents paid, later consisting of a description of the acreage and boundaries of the property”.

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A full chapter on the taxation of partnerships, including limited partnerships and LLPs. The key piece of legislation is the Income Tax (Trading and Other Income) Act 2005.

Hot topics in financial and legal matters for general practice

A guide to financial and legal issues for GPs and managers of medical practices.

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ICAEW Rep 03/18

F2B 17-19 Clause 18 and Schedule 6 - Partnerships

ICAEW REP 115/17

Partnership taxation: proposals to clarify the tax treatment

ICAEW REP 170/16

Partnership taxation: proposals to clarify tax treatment

ICAEW REP 113/16

Simplifying tax for the future: a consultation on our future strategy

Further support

Useful links

Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.

Partnership Manual

HMRC internal manual providing guidance on business partnerships and how they are taxed in the UK. It covers Self Assessment, calculating taxable profits, mixed member partnerships and international aspects, LLPs, and other tax obligations.

Reform of partnership taxation

Article providing a summary of the new rules for partnership taxation, the implications of reforms and how businesses should prepare for the changes. It discusses nominee and bare trustee partner arrangements, partnerships as partners, and investment partnerships with non-UK resident partners.

Partnership taxation: Forthcoming changes

Bulletin explaining new rules on partnership taxation affecting nominee arrangements, allocation of partnership profits, tiered partnerships, and investment partnerships.

Proposed changes to partnership taxation

Article covering changes to tax rules relating to partnerships and LLPs with more detailed discussion of bare trusts, allocation of profits or losses, basis periods for indirect partners, partnership returns, investment partnerships, and shares of profits and losses.

Partnership taxation: proposals to clarify tax treatment

Draft legislation and explanatory note detailing proposed changes to income tax calculations for certain partnerships as part of Finance Bill 2017-18. The policy paper gives an overview of the background and proposals.

Tax factsheet: Partnership taxation

Factsheet explaining the rules re-attributing profits in mixed member partnerships and the salaried members rules applying to LLPs.

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