It is important to be aware of the differences between partnerships in Scotland and those in the rest of the UK.
Features and articles
The AHDB (Agriculture Horticulture Development Board) has some very admirable goals
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”.
Lindsey Wicks provides a comprehensive summary of what’s in the current Finance Bill.
Lynnette Bober explains the rules for foreign domiciliaries rebasing relief, with some useful clarification from HMRC
Pinsent Masons’ Jason Collins explains the implications of the corporate criminal offence of failure to prevent the facilitation of tax evasion and what businesses must do to comply with the rules.
Farmers have been able to claim entrepreneurs’ relief (ER) on qualifying gains made since 5 April 2008, paying just 10% tax. This article reflects on the conditions with references made to case decisions.
HMRC’s internal issues with the tax treatment of partners could lead to an unwieldy tax framework for partnerships if the proposals in the latest consultation on the tax treatment of partners gets the go-ahead. Mark Cawthron, specialist tax writer at CCH, unpicks the proposals.
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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.
A guide to financial and legal issues for GPs and managers of medical practices.
F2B 17-19 Clause 18 and Schedule 6 - Partnerships
Partnership taxation: proposals to clarify the tax treatment
Partnership taxation: proposals to clarify tax treatment
Simplifying tax for the future: a consultation on our future strategy
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.
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.
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.
Bulletin explaining new rules on partnership taxation affecting nominee arrangements, allocation of partnership profits, tiered partnerships, and investment partnerships.
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.
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.
Factsheet explaining the rules re-attributing profits in mixed member partnerships and the salaried members rules applying to LLPs.
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