Mixed partnerships: new rules from HMRC
By Niall Murphy
HMRC published draft legislation on 10 December 2013 to deal with perceived tax avoidance by partnerships.
This article explores profit and loss allocations by partnerships, the special rules for alternative investment fund managers and the disposal of assets through partnerships that lead to a tax advantage. Typically, these new rules are aimed at mixed partnerships, i.e. partnerships that consist of both individuals and corporates.
The draft legislation indicates that the new measures will apply to partnership accounting years starting on or after 6 April 2014, with accounting periods that straddle that date being divided so that a new period of account is assumed to commence on 6 April 2014…
Click on the link below to read the rest of the Shoosmiths briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
The unilateral actions of one landlord could spark a chain of events that determines the entire lease
A quarter of all road traffic incidents involve people driving as part of their work, and taking work-related road risk seriously is a legal requirement.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…