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Partnership Taxation

Author: David Whiscombe

Publication Date: September 2023

Publisher: Bloomsbury Professional

Law As Stated At: September 2023

Partnership Taxation

Partnership Taxation

A comprehensive examination of the law and best practice relating to the taxation of partnerships in the UK, including LLPs, Limited Partnerships and Private Fund Limited Partnerships.

It gives expert guidance on the planning points and pitfalls to be aware of when considering the taxation of partnerships and compares them with alternative structures. It includes many worked examples and legislative references throughout. The appendices include a useful table of the penalties that may apply to partnerships, and an illustration of the main clauses in a partnership agreement that have a taxation effect.

This update has been revised and updated to take account of the developments in statute and case law which have taken place in the last 12 months including changes made by Finance No 2 Act 2023.

Although it has been a relatively quiet year for changes, this year’s update thus nonetheless includes new or expanded coverage of:

  • Intangible asset relief in a partnership context 2.36;
  • basis period reform;
  • case law decisions in:
    • Jasper Conran & J C Vision Ltd (intangible fixed asset relief on acquisition from a partnership) 2.36
    • Muller UK & Ireland Group LLP and others (intangible fixed asset relief on acquisition by an LLP from its members) 2.36
    • BCM Cayman LP and others (indirect partners) 1.8
    • SC Properties Ltd & Richard Cooke (establishing the existence of a partnership) 1.24
    • O’Neil and others (post-cessation receipts of a partnership) 2.25
    • BCM Cayman LP and Bluecrest Capital Management Cayman Ltd (deductibility of interest paid by a non-resident member of a UK Limited Partnership) 3.17
    • Bluecrest Capital Management (UK) LLP (application of ‘salaried member’ rules) 19.53
    • Nicholas Walewski (re-allocation of profit under the ‘mixed member’ rules) 17.15
    • Quentin Skinner 2005 Settlement (business asset disposal relief for trustees) 13.9
    • Anderson (referral of partnership dispute to First-tier Tribunal) 21.18
    • Gary Lineker & Danielle Bux (application of ‘IR35’ rules to a general partnership) 28.2

David Whiscombe

In a career in tax stretching back well over 45 years David has been successively a District Inspector with the former Inland Revenue, a director of a niche tax consultancy practice and senior tax partner with a mid-tier firm of accountants. Along the way he’s become a fellow of the Chartered Institute of Taxation and has been called to the Bar at Lincoln’s Inn. As well as being the ‘go-to’ adviser on matters of partnership taxation, he is kept busy in ‘semi-retirement’ with an active practice in tax dispute resolution (including cases of alleged tax fraud); is in demand as an expert witness; writes for the professional press; and continues to act as consultant to his old firm.

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