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Oiling the wheels
KEY POINTS
- The taxation of partnerships has been subject to recent changes.
- Income of nominees will be shown as that of the beneficiary.
- Allocation of partnership profits is clarified.
- Investment partnerships to continue to provide normal partnership returns.
- Could more recommendations by the Office of Tax Simplification have been legislated?
The tax rules relating to partnerships and LLPs have been subject to regular change in recent years. Finance Act 2013 Sch 30 brought in changes to the loans to participators provisions that affected partnerships (CTA 2010 s 455(1) and s 464A); FA 2014 Sch 17 Pts 1 and 2 introduced the ‘salaried member’ and ‘mixed partnership’ rules respectively; and the rules on capital gains tax entrepreneurs’ relief when disposing of shares in corporate members of partnerships were changed in...
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