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Tax treatment of partnerships
HMRC has published a consultation to clarify the tax treatment of partnerships. It covers these areas:
- clarification of who is the partner chargeable to tax;
- business structures that include partnerships as partners;
- investment income;
- trading and property income; and
- allocation and calculation of partnership profit.
The object of the proposals is to make the calculation and reporting of partnership profits clearer for taxpayers. According to HMRC, it will have no effect on most partnerships.
Comments should be emailed here by 1 November.
