Partnership

Below is a selection of our most recent updates on this subject.

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Restriction Of Loss Relief - Other Opportunities

From 2 March 2007 further restrictions have been placed on how non-active partners can claim loss relief. For those clients who would otherwise use these schemes, this opens up the opportunity for the adviser to discuss other forms of tax efficient investment.
Tuesday, March 27, 2007

Further Restriction Of Loss Relief

From 2 March 2007 further restrictions have been placed on how non-active partners can claim loss relief.
Friday, March 16, 2007

Partnership Losses

Anti-avoidance legislation is to be introduced, effective from 10 February 2004, to counter schemes which abuse the rules for relief for trading losses. One such scheme creates losses which are out of proportion to an individual's contribution to a partnership. The other creates a large loss in the early years of a trade with the individual exiting the partnership before the majority of income arises to be taxed on him.
Thursday, February 12, 2004

Twenty Partner Limit Abolished

The 20 partner limit has been abolished. Partnerships will now be allowed to expand and develop their membership as they like. Historically though there have been numerous exemptions from this requirement.
Thursday, January 16, 2003

Limited Liability Partnerships

Income tax and capital gains tax amendments to ensure that limited liability partnerships (LLPs) are treated as partnerships for tax.
Wednesday, June 20, 2001

Limited Liability Partnerships - Tax Treatment

Wednesday, October 18, 2000

Partnership Valuation

Wednesday, October 18, 2000

Commuting A Partnership Annuity For A Capital Sum

Annuity purchased for retiring partner. Annuity commuted for a lump sum. Retiring partner liable to capital gains tax on proceeds. Better to pay a lump sum at the outset.
Wednesday, October 18, 2000

Draft Regulations Of The Limited Liability Partnerships Bill

Wednesday, October 18, 2000

Partnership Taxation

Taxation of partnerships not to be brought into line with that of companies
Friday, September 15, 2000

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