Expert guidance on the planning points and pitfalls to be aware of when considering the taxation of partnerships, including LLPs. The books has a range of examples to illustrate the key points. 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. Brought up to date with Finance Act 2018 as well as providing full analysis of the effects of the legislation on partnership taxation (Finance (No.2) Act 2017) concerning: Profit sharing arrangements between partners Reporting requirements and who is to be treated as the partner in various circumstances Also includes updates on: Partnership returns SDLT and partnerships Commentary on the use of partnerships in tax avoidance arrangements including how the Accelerated Payment Notice regime operates in the context of partnerships. Inclusion of cases such as Belcher (existence of partnership between husband and wife); Tabrez Akhtar and Badzyan (both on procedural matters); Clavis Liberty 1 LP and Samarkand (both on tax avoidance) and Balvinder Rai (regarding partner payment notices).
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Expert guidance on the planning points and pitfalls to be aware of when considering the taxation of partnerships, including LLPs.
1. Introduction
2. Computation of Partnership Income and Gains
3. Taxation of Partners
4. Basis Periods for Assessment
5. Partnership Changes
6. Change of Accounting Date
7. Mergers and Demergers
8. Capital Allowances
9. Losses
10. Joint Ventures and Expenses-sharing Arrangements
11. Spouses, Civil Partners, and Family Partnerships
12. Capital Gains
13. Entrepreneurs Relief
14. Annuities to Retired Partners
15. Capital Gains TaxRoll-over and Hold-over Relief on Replacement
of Business Assets
16. Transfer of a Partnership business to a Company
17. Partnerships which include a Corporate Partner and Service Companies
18. Limited Partnerships
19. Limited Liability Partnerships
20. Overseas Matters
21. Partnership Tax Returns, Enquiries and Administration
22. Providing for Pensions and Life Assurance
Appendices
David Whiscombe CTA (Fellow), Former HM Inspector of Taxes, Barrister (unregistered)
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