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The OTS has made its final recommendations on partnerships
KEY POINTS
- Better guidance should be provided by HMRC on setting up partnerships.
- Partners should be able to claim partnership expenses in their personal returns.
- Double tax agreements should take account of partnerships.
- Alternative ways of claiming gift aid relief.
The taxation of partnerships is given scant attention by HMRC.
In its third and final report on partnership tax the Office of Tax Simplification (OTS) said HMRC should establish a head of partnerships role to help ensure the proper focus of tax policy and operational work.
It also suggested that an industry/HMRC liaison group be set up to provide a forum to address issues arising from new specialist partnership uses. Other recommendations include:
- clear and comprehensive guidance for partnerships when they register with HMRC;
- ...
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