½Û×ÓÊÓƵ

Companies in partnership

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance

Companies in partnership

Produced by a Tolley Corporation Tax expert
Corporation Tax
Guidance
imgtext

This guidance note gives an overview of the basic rules relating to the preparation of tax computations and returns for corporate partners and summarises key anti-avoidance legislation relevant to corporate members of partnerships with links to further content. The reasons why it may be beneficial to introduce a corporate member are detailed in the Introducing corporate partners guidance note.

For general information on the computation of profits, losses, capital gains and the allocation of profits and losses for partnerships see the following guidance notes:

  1. •

    Trading profits of a partnership

  2. •

    Capital allowances for partnerships

  3. •

    Allocation of partnership profit or loss

  4. •

    Taxation of partnership trading profits

  5. •

    Relief for partnership losses

  6. •

    Capital gains of a partnership

For HMRC guidance on companies in partnership, see PM210000 onwards and CTM36500 onwards.

Computation of taxable profits for corporate partners

General partnerships, Scottish partnerships, limited partnerships and LLPs are transparent for UK tax purposes regardless of whether they have any corporate partners / members. Computing the amount of taxable profits from a partnership is therefore very

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+â„¢
Powered by
  • 01 Mar 2024 11:10

Popular Articles

Taxation of dividend income

Taxation of dividend incomeIntroductionA dividend is a distribution of profit by a company to its shareholders.A dividend is not only a payment in cash. It can be the issue of new shares in exchange for forfeiting the right to a cash payment (a stock dividend). For more detail, see the Cash

14 Jul 2020 13:48 | Produced by Tolley Read more Read more

Classes of NIC and who pays them

Classes of NIC and who pays themClass 1 NICClass 1 NIC is payable on earnings paid to an employed worker which derive from, or are treated as deriving from, an employed earner’s employment in the UK. There are two kinds of Class 1 NIC, primary contributions for which the employee is liable and

14 Jul 2020 11:13 | Produced by Tolley in association with Jim Yuill at The Yuill Consultancy Read more Read more

Research and development (R&D) relief ― overview

Research and development (R&D) relief ― overviewThis guidance note provides an overview of the research and development (R&D) tax reliefs for companies.See the Research and development tax relief summary diagram which summarises the R&D tax relief.See also Simon’s Taxes D1.401.For a factsheet which

14 Jul 2020 12:22 | Produced by Tolley in association with Will Sweeney Read more Read more