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Partnership Taxation

Author: David Whiscombe

Publication Date: September 2022

Publisher: Bloomsbury Professional

Law As Stated At: 1 June 2022

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 edition has been updated to reflect Finance Act 2022 and includes the following developments:

  • Upper Tribunal decision in Wilson v HMRC on the employment status of an individual member of an LLP 1.32
  • The importance of identifying the trade carried on by a partnership when seeking relief for expenses, as demonstrated by Elliot Balnakeil v HMRC 2.4
  • Treatment of payments made by an LLP to members in respect of pre-entry employment (Charles Tyrwhitt v HMRC) 2.7
  • Effect of ‘basis period reform’ from 2024/25 on partnerships including transitional rules for 2023/24 4.21
  • Implications for ‘non-active’ partner rules of appointment of an attorney 9.40
  • Time at which trade commences as clarified in Wardlev HMRC 13.3
  • BADR implication of a phased disposal of an interest in a partnership –Christopher Thomson v HMRC 13.4
  • Amortisation relief on incorporation of a partnership business including consideration of Beadnall Copley Ltd v HMRC 16.8
  • Conversion of EEIGs to UKEIGs on Brexit 20.29
  • Interaction of actual and deemed enquiries – Stockler v HMRC 21.28
  • Individual partners’ rights to appeal against partnership closure notice but not amendment notice – Mathieson v HMRC 21.31

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.