Partnerships News
03 September 2010
Judge Bishopp considered whether interest received by a partnership on short-term funds held in a clients' account was taxable as interest or as trading income.
25 June 2010
If you are a partner, your duty of good-faith to your other partners continues even after the partnership terminates. If you fail in this duty, your ex-partners may use this to defend outstanding claims you bring against them.
15 February 2010
Since the changes to inheritance tax in 2006, advisors have been talking about the advantages of using family partnerships (FPs) as an alternative. FPs are seen to offer many of the same features as trusts, but (crucially) without an immediate 20% inheritance tax (IHT) charge on their creation. However, despite these seeming advantages, progress has been slow and few FPs have actually been created. This article gives a candid view of the benefits and pitfalls of FPs.
27 January 2010
A recent Tax Tribunal case, R J Phillips V HMRC, has confirmed that any partner may appeal against figures included in a partnership tax return, even if he or she is not the "nominated partner". The case also looks again at some of the factors which – in the absence of a written partnership agreement – are relevant in determining whether or not a partnership exists. Click on the link to read more.
09 July 2009
The decision of the recently constituted First-Tier Tribunal (Tax) in Graham Morgan & Heather Self v Comrs of HM Revenue & Customs concerned the treatment of certain payments made to retiring partners by the partnership from an income tax perspective.