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Issue:
4443
/
Categories:
Comment & Analysis
, Office of Tax Simplification
, Admin
, Business
, Capital Gains
, Partnerships
Partnership taxation deserves a firm and clear statutory basis
KEY POINTS
- Extra-statutory concessions are being gradually replaced by legislation.
- Statement of practice D12 relating to partnership capital gains dates back to 1975.
- The OTS notes that partnership gains are often subject to informal settlement rather than legislation.
- Different rules could apply to different partners involved in the same transaction.
- Partnerships deserve legal clarity with regard to capital transactions.
The Office for Tax Simplification (OTS) has looked (and is looking) at a number of areas of taxation where the rules have become less clear as the years have passed – and in some cases where the rules were never particularly clear from the start.
Even the Tax Law Rewrite Project has helped only to a limited degree since it was an attempt to improve the intelligibility of complex tax law and...
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