Additional points need to be borne in mind in the two stage process of computing the partnership profits as though the SLP were both an individual Name and a corporate member (LLM6070). The sections below use the Partnership Tax Return for the year 2006-2007 as an example.
Savings, investment and other income
Apart from income from assets in ancillary trust funds (ATFs), taxed income (including foreign income from which UK tax has been deducted) should be returned for the period 6 April 2006 to 5 April 2007.
For untaxed UK and foreign income that arises on assets other than those in the partnership's ATF, the amount arising in accounting period ended 31 December 2006 should be returned.