Partnerships
'see-through' analysis
Acceptance of a grant
Accounting basis
Accounting periods
Acquisition of interest
Activities of a company as a member
Adjustment income
Admission and retirement of partners
Admission of new partner, supply of services for consideration
Admission of partner in return for capital payment
Agreement
Agricultural property relief
Generally
Limited partnerships
Occupation by
Occupation for two years
Qualification for relief
Rate of relief
Replacement
Transfers made before 10 March 1981
Alleged cessation of trade
Allocation of profits or losses
Change in profit sharing arrangements
Corporate partners
Generally
Interest on capital
Loan relationship debit and credits
Reallocation
Salaries
Untaxed income
Annual tax on enveloped dwellings
Annuities
Annuities provided by
Anti-avoidance
Generally
Anti-avoidance provisions, non-active partners
Application of
Application of exemptions and reliefs
Charities relief to partnership transactions
Exemptions under Schedule 3
Generally
Group relief - as applied to Sch. 7, Part 4 partnership transactions
Group relief - key concepts on availability
Group relief - modification pertaining to calculating SLP
Group relief - modification pertaining to withdrawal provisions
Group relief - types of partnership
Notification
Application of partnership rules to leases
Chargeable consideration
Generally
Apportionment of income
Arrangements
As investment vehicles
Ascertaining income shares
Assessment
Assessments
Business constituting a partnership
Change of name
Generally
Made against individual partners
Assessments, time-limits
Asset based approach, Lady Fox case
Assets
Generally
Let to, replacement
Rebasing rules for disposals before, on or after 6 April 2008
Assurance policies, inheritance tax
Bare trusts
Basic principles
Basis periods for partner's notional trade
Borrowing to invest in
Business asset disposal relief disallowed
Business carried on by
Business carried on in Jersey, double taxation relief
Business property relief
Buy and sell agreements
Property of transferor used by
Replacement
Transfer of assets
Buy and sell agreements
Calculation of firm's profits or losses
Allocation between partners
Generally
Loss-making period
Non-trading income
Partners' shares
Profit-making period
Qualifying film expenditure, meaning
Calculation of profits and losses
Accounting periods
Allocation between partners
Apportionment of profit share between partner's accounting periods
Generally
Loss-making period in which some partners have profits
Profit-making period in which some partners have losses
Cap £25,000
Capital
Cost of raising, input tax
Introduction
Capital contribution (restriction to amount of)
Capital gains tax
Accounting adjustments
Assessments
Assets
Assets received in kind
Generally
Partnership sharing ratios, changes
Payments outside accounts
Residence
Transfers not at arm's length
Capital gains tax, general provisions
Carrying on a 'business'
Case stated, proper appellant
Change in partners
Change in partnership asset-sharing ratios
Change of accounting basis
Changes in
Generally
Know-how allowances
Changes in circumstances, notification
Changes in sharing ratios
Changes in tax rules
Character
Chargeable gains
Charge to tax
Companies
Replacement of business assets
Residence
Retirement relief
Chargeable interests
Generally
Interpretation
Transfers from partnerships
Transfers of partnership interests
Transfers to partnerships
Chargeable transactions
Civil fraud penalty
Civil partners
Claims
Class 4 contributions
Generally
Closure notice
Validity
Collecting in assets
Commencement or cessation of partner's notional trade
Commissioners' regulations
Companies
Company
Generally
Leasing plant and machinery, restriction on use of losses
Loan relationships
Overpaid tax, recovery of
Company members
Competent appellant
Compliance
Compliance issues
Connected persons
Consequences of
Consideration
Capital introduced
Share, purchase and disposal
Continuation after death
Continuation election
Continuity rule
Contribution of asset
Controlling member, meaning
Corporate partners
Corporation tax overview
Cost of raising capital, input tax
Costs of recruiting new partners
Creation
Conversion to LLP status
Date exist
De-registration
Dissolved partnership and cash accounting scheme
Formation or cessation of partnership
Deduction for deemed employment payment
Deduction of tax at source, excepted payments
Deemed
Cessation
Generally
Deemed employment payment, deduction for
Default surcharge, reasonable excuse
Definition
Definitions
Connected persons
Generally
Partnership property
Partnership share
Transfers of chargeable interest
Derivative contracts
Determination of credits and debits
Fair value accounting
Generally
Determination, estimated and further assessments
Direct interest company, meaning
Directors' fees
Disposal of assets
Disposal of business on retirement
Disposals
Background
Disposals of income streams
Disposals of assets
Dissolution
Consequences
Generally
Limited liability partnership
Dissolution on death
Dissolution, partner's liability for VAT
Distribution of assets
Double taxation agreements
Dual residence
Duration of
Earnings basis, Walton case
EEIGs
Election by property investment partnership to disapply para. 10
Election to disapply Part 4 rules
Elections
Employee share ownership plans
Employment and
Enquiries
Equity partners
Errors, penalty
Estate's entitlement from
European Economic Interest Groupings
Excess loss allocations
Exchanges of land
Existence
Case examples
Estoppel
Generally
Validity of assessment
FA 2003, Sch. 15, Part 3 scope
Development of the provisions
Stamp duty
FA 2004 provisions
Family
Family investment companies (as alternative)
Family members
Farming
Film loss relief
Capital contribution
Claimed losses, meaning
Disposal of a right to profits
Double counting prevention
Film-related loss, meaning
Generally
Key conditions
Film partnerships
Film trades
Interest relief restriction
Loss relief
Foreign income
Former partner's liability
Forming a
Gambling club, undeclared receipts
General
General partnership
General provision
General provisions
Generally
Goodwill
Goodwill and taper relief
Goodwill, transfer of business as going concern
Group relief for SDLT and stamp duty
Husband and wife
Husband and wife, registration
Jointly letting garages
Partnership or sole traders
Income
Allocation of trading profits or losses
Generally
Income profit-sharing ratios
Incorporation
Indicia of
Indirect partner
Notional trade and business
Individual becoming partnership
Individual partners
Information and inspection powers
Inheritance tax
Agricultural property relief
Charging provisions
Input tax deduction
Acquisition of a portion of the client base of the partnership
Contribution of client base free of charge to a new partnership
Dissolution of a partnership
Payment of input tax
Insolvency, returns
Interest on capital
Interest on loans to purchase land, relief
Interests
Assets basis
CGT purposes
Earnings basis
Generally
IHT purposes
Limited liability partnerships
Package valuation
Intermediaries as
Interpretation
Partnership property
Partnership share
Transfer of chargeable interest from partnership
Transfer of chargeable interest to partnership
Transfer of interest in partnership
IR35 rules
Jersey, UK resident partner exempt from UK tax
Joining partners
Joint hearing of appeals
Judicial review challenging legality of PPNs
Late appeal against assessment, Taxes Management Act 1970, s. 49
Late elections
Late filing of returns
Leaving partners
Legal personality
Letting income
Liability for SDLT
Liability to ATED charge
Liability to tax
Licence-related losses
Agreement related to the licence
Calculation of income chargeable to tax
Chargeable event
Disposal of the licence, meaning
Generally
Licence, meaning
Non-active partner, meaning
Profits relating to the licence, meaning
Relevant disposal
Licence-related trading losses
Calculation of amount of income treated as received
Charge to tax
Disposal of the licence, meaning
Exit charge
Interpretation
Treated as receiving income
LIFFE locals
Limited
Limited liability
Conditions of new rules
Generally
Tantamount to employment
Two aspects of partnership tax rules
Limited liability partners
As non-active partners
Capital contributions
Earlier restrictions
HMRC guidance
Mixed
Restrictions on relief
Limited liability partnerships
Generally
Limited partners
Cap £25,000
Capital contributions
Definition
Non-active partners (not classified as)
Restrictions on relief
Limited partnerships
Limited, unit trust scheme
Limited-liability partnership (LLP)
Lloyd's
Loan relationships
Capital contributions, payments in return for
Change of partnership shares
Deeply discounted securities, partners' shares
Determination of credits and debits
Exchange gains and losses
Fair value accounting
Generally
Lending between partners and partnership
Loan to invest in partnership
Loan to invest in, interest relief
Loans to invest in, interest relief
Eligibility for
Film partnerships
Generally
Successions
Local authorities and partnership programmes
Loss relief restriction
Anti-avoidance rules
Capital gains relief
Contribution to the firm, meaning
Exclusion of amounts in calculating contributions
Films
Firm, meaning
Generally
Limited liability partnerships
Limited partners
Non-active partners
Recovery of excess relief
Sideways relief, meaning
Transitional provisions
Unrelieved losses brought forward
Losses
Losses on miscellaneous transactions
Lump sums
Managed service companies
Market-rent lease
Definitions
Meaning
Mergers and demergers
Mergers of
Mixed partnerships
Earlier restrictions
Excess loss allocations
Excessive amounts
HMRC guidance
Mixed LLPs
National Insurance contributions
No VAT grouping
Nominee directors
Non-active partners
Cap £25,000
Capital contributions
Definition
Earlier restrictions
Exploitation of licences
Individual partners
Prohibited purpose
Sideways relief restriction
Non-active partners, restriction of loss and interest relief
Definitions
Generally
Unrelieved losses brought forward
Non-active partners, restriction on reliefs
Amount of reliefs not to exceed cap
Contribution to the firm, meaning
Early tax years
Exclusion of amounts in calculating contribution
Film exploitation
Licence-related losses
Loans
Non-active partner, meaning
Pre-10 February 2004 events
Recovery of excess relief
Unrelieved losses brought forward
Non-resident (re CGT losses)
Non-resident partners
Notices served on partnership
Notifiable transactions
Notional business or trade
Basis periods
Commencement or cessation
Overlap profits
Nursing home, additional tax for undisclosed business receipts
Open-ended investment companies
Option to tax
Generally
Transfer of an interest in land
Ordinary transactions
Other interpretation provisions
Overpaid tax, recovery of
Overview
P, meaning
Partner capacity
Partner exempt from UK tax on overseas earnings
Partner holding an office
Partner payment notices (PPNs)
Generally
Issued in breach of general public law and unlawful interference with taxpayers' human rights
Judicial review challenging legality of
Partner's private petrol
Partner's VAT liability
Partners' removal expenses
Partners' share of income
Allocation of firm's profits and losses between partners
Calculation of firm's profits and losses
Double taxation relief
Generally
Non-trading income
Notional business carried on by partner
Notional trade carried on by partner
Remittance basis
Partners' withdrawal from firm, payments made on
Partners, responsibility of
Generally
Joint and several liability
Nominated partners
Partnership business, division of
Partnership property
Generally
Market rent lease
Partnership return
Generally
Submitted late
Partnership share
Partnership trade regarded as single trade
Partnerships other than property-investment partnerships
Patent rights, profits from exploitation of
Patent rights, sale of
Cessation of trade
Changes of membership of firm
Generally
Patents
Patents, spreading rules
Payments between partners outside the accounts
Penalties
Acceptance of Pt. 36 offer
Assessments for PAYE and National Insurance contributions (NICs)
Determination following settlement by agreement of amendment of returns
Entitlement to charge under TMA70, s. 95
Late submission of partnership tax return
Penalties charged, upheld
Penalties for errors
Penalty assessment for dishonest evasion
Personal reliefs
Personal representative, partner as
Personal service companies
Personality
Persons leaving the partnership
Conduct notices
Defeat notices
Monitoring notices
Plant and machinery allowances
Effect of partnership changes
Generally
Leasing business, restriction on use of losses
Qualifying activities
Using property of partner
Using property of partners
Post-transaction consideration
Effect of para. 17A
FA 2005 measure
Removal of double charge
Transition in Scotland to the Land and Buildings Transaction Tax
Pre-registration input tax, investment costs and invoices
Principle of continuity, partnership statements
Private tuition
Profit share agreement amounting to
Profits and assets test
Profits and losses
Partnership returns made final for tax purposes
Property business
Adjustments on change of basis
Generally
Property income
Property losses
Property partnerships
Disretionary trust income
Restriction of relief for investment loan interest
Tax reduction for individuals
Tax reduction for non-deductible loan interest
Property-investment partnerships
Rebates of management and performance fees, deductibility
Records, negligence
Recovery of excess loss relief
Calculation of amount treated as received
Charge to tax
Income treated as arising when chargeable event occurs
Overview
Post-1 December 2004 loss, meaning
Total amount of trade losses claimed
Recovery of excess relief
Amount of income treated as received
Amount of trade losses claimed, meaning
Chargeable events
Conditions for charge
Generally
Individual's contribution to the firm, meaning
Reclaimed relief, meaning
Recovery of VAT
Redemption of deductions
Registration
Changes in circumstances, notifying HMRC
Consideration for VATable services/distribution of partners' funds
Generally
Grouping
In name of firm, liability for VAT
Joining partnership, capital paid
Limited liability partnerships
Limited partnerships
No grouping by partners
Notification to commissioners
Partner's VAT liability
Partnership as separate person
Property business: joint venture by partner
Repayment of overpaid VAT
Representation
Scotland
Service of notices
Solicitors
Transfers of interests
Registration forms CIS304
Registration, entitlement
Relevant corporate partner, meaning
Relevant period, meaning
Reliefs and exemptions
Repayment supplement
Replacement of business assets
Representative partners
Residence
Chargeable gains
Residence change re partners
Residency issues
Responsible partners
Restriction of relief for investment loan interest
Restriction on disposals
Restrictions
Retired partner retaining interest in, business property relief
Retirement annuities
Retiring partner, entitlement to share of VAT repayment
Returns
Amendment of
Correction by HMRC
Enquiries
Failure to make
Filing dates
Generally
Power to enquire into
Statement inclusion
Withdrawal of notice by HMRC
Road fuel for private use, value of supply
Salaried partners
Sale and leaseback of films
Partners claiming losses under film acquisition relief provisions in Income Tax (Trading and Other Income) Act 2005, s. 130–140
Scotland
Accrued income scheme
Chargeable transfer
Scotland, deposit-takers deduction of tax at source
Self-assessment
Self-assessment returns
Amendment of
Error or mistake in statement
Generally
Incorrect
Penalties
Statement to be included
Separate property business
Separate registrations
Generally
Limited partnerships
Settlement provisions
Settlements
Share incentive plans
Shares acquired in stages
Sleeping business partners
Sole trader becoming
Sole trader taking on partner
Special rules
Transactions involving transfers from partnership
Transactions involving transfers to partnership
Transfers from corporate partnership
Transfers from partnership to partnership
Specific bequests
Specific deductions
Costs connected with capital structure of business
Deductions in relation to LLP salaried members
Expenses incurred by partners individually
Interest paid by partnership
Partner recruitment costs
Partner training costs
Partnership annuities
Payments to outgoing partners
Payments to partners
Rent
Service companies
Termination payments
Stamp duty
Group relief
Transfers of partnership interest
Stamp duty land tax
Acquisition of interest in partnership
Anti-avoidance transactions
Arrangements, meaning
Charities relief
Connected persons
Continuity
Generally
Group relief
HMRC response: arrangement, meaning
Legal personality
Liability
Manual
Market value of leases
Partnership property and partnership share, meaning
Representative partners
Responsibility of partners
Returns
Transactions which are not notifiable
Transfer of an interest in a partnership
Transfer of an interest in a property-investment partnership
Transfer of chargeable interest from a partnership
Transfer of chargeable interest to a partnership
Transfer of chargeable interest, withdrawal of money etc. from partnership after
Unit trust scheme
Stamp duty land tax, acquisition structured to mitigate charge
Stamp duty, transfers of partnership interests
Statement of practice D12
Disposal of partnership assets to a third party
HMRC
Revaluation of partnership assets
Stock relief, recovery
Summing up
Taper relief
Tax-generated losses
Taxation of capital gains
Teaching services constituting supplies by
Tonnage tax
Trade loss relief
Anti-avoidance provisions
Capital gains relief, meaning
Exclusion of amounts in calculating contribution, regulations
Film exploitation
Firm, meaning
Generally
Leasing plant or machinery, sideways relief restriction
Licence-related
Limited partners, restriction on reliefs
Non-active partners, restriction on reliefs
Overview
Recovery of excess relief
Sideways relief, meaning
Trading income, adjustments on change of basis
Transactions between partnership and individual partners
Transfer of a business to a company
Transfer of chargeable interest from partnership
Generally
Interpretation
Transfer of chargeable interest to partnership
Charging formula
Generally
Interpretation
Transfer of interest in partnership
Generally
Interpretation
Transfer pricing
Generally
Transfers
Partnership interests/contribution of property to newly formed partnership
Share in partnership: payments received for non-supplies
Transfers between persons
Transfers between persons not at arm's length
Transfers involving property-investment
Definitions
Transfers of relief within
Application
Arrangements, effects of
Interpretation
Non-trading profits and losses
Restrictions on use of reliefs
Transfers under FA 2003, Sch. 15, para. 36(a)
Partnership share
Turnover test threshold
Type A and type B transfers
Definitions
Relevant partnership property
Types of
Types of partner
UK partnership registering as Jersey limited partnership, tax treatment
Understated profits for the year
Unit trust schemes, limited partnerships
Unit trusts
Untaxed allowances received
Valuation basis
Valuation of partner's share
Value added tax
Registration
Taxable person
Value of partner's share
VAT registration
Venture capital investment partnerships, gains of insurance company
Verification
View of profit, persons carrying on a business
Activity of partners, degree of
Business in common
Business, meaning
No partnership
With a view to profit
Voting rights test
Wholly and exclusively incurred expenditure
Food and drink/overnight accommodation/hiring of room
LLP's trade or of individual member's notional trade
Relocation expenses
Winding up
Capital gains tax
Income tax