Taxation of Partnerships 2nd Edition

Partnership tax issues cut across most of the familiar taxes, but apply them in a particular way. The taxation of partnerships relies on statutory provisions and case law, of course, but is also dependent on HMRC practice and interpretations. This book is a practical guide to the issues arising.

The book addresses all the key taxes – income tax, capital gains tax, SDLT, corporation tax. It clearly explains the principles applying to different sorts of partnerships (including LLPs, limited partnerships and partnerships with corporate members) and covers the more complex areas including mergers and demergers, incorporations, administration (including partnership returns) etc., losses, capital allowances, and other practical matters arising.

Dedicated chapters look at partnerships with an international dimension, at the issues arising when a partner dies, and at pensions and annuities.

“Thoughtfully examines the key provisions that apply to the taxation of partnerships in a clear and understandable way, with plenty of practical examples and useful tips” – Paula Tallon BBS, FCA, CTA (Fellow), ADIT, TEP, writing in the foreword.

“Through clear and elegant writing, and by avoiding academic theory and focusing on what the typical adviser really needs to know, a large amount of ground is covered” – TAXline, October 2020.

Contents (in brief)

• What is a partnership?
• Partnership income
• Capital allowances
• Losses
• Partnership capital gains
• SDLT and partnerships
• Loans to participators and partnerships
• Incorporation
• Mergers and demergers
• Annuities and pensions
• UK partnerships with an international dimension
• Partnership tax returns
• Death and partnerships

New for this edition

• New case law across a range of topics
• Details on the formation of limited liability partnerships
• New commentary on VAT registration
• Capital allowances update
• The new basis period rules for 2024-25 and beyond and those for the transitional year of 2023-24 arising from the Making Tax Digital project
• Disposals of trust business assets for business asset disposal relief
• Mixed-use properties for SDLT
• All examples reviewed and updated as appropriate

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