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Partnership Taxation

Author: David Whiscombe

Publication Date: August 2021

Publisher: Bloomsbury Professional

Law As Stated At: 10 June 2021

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.

The commentary is brought up to date with Finance Act 2021, it includes additional or expanded material on the following:

  • Trustees and charities as partners
  • AIFM deferral provisions
  • Allocation of profit where member joins mid-year
  • Extended loss carry-back provisions under Finance Act 2021
  • BADR and Investors’ Relief on corporate partner and companies owned by partnerships
  • Overpayment relief for partnerships
  • SDLT - non -resident transactions
  • Extension of off-payroll working rules
  • Construction industry Scheme changes

There is also commentary on a number of significant new cases including:

Shiner & Sheinman v HMRC [2020] UKFTT 0295 (TC)

Interest on loans taken by partners to invest in partnership – whether deductible on computing partnership profit

HMRC v Quentin Skinner 2005 Settlement [2021] UT 29

Requirement for beneficiary’s interest to be held throughout relevant period for BADR purposes

Roger Preston Group Ltd v HMRC [2021] FTT 132 (TC)

Arrangements involving trading company and service partnership

Walewski v HMRC [2020] FTT 58

Mixed member rules

Tooth v HMRC [2021] UKSC 17

Discovery

Gary Lineker Media v HMRC [2021] FTT 101

Partnership as intermediary under IR35 rules

Contents