All promises to be fairly quiet on the consultations front over the next few weeks presumably as HMRC resource is directed towards the Autumn Statement on 4 December. However the Office of Tax Simplification continues to trundle on. One of its current projects is a review of partnership taxation announced in July but still open for comment. It aims to identify the main complexities and recommend priority areas for a more detailed review leading to specific recommendations. The areas raised with OTS so far are understood to have covered a wide range of matters including: the treatment of partnership expenses borne by partners; the denial of some reliefs (specifically AIA) to partnerships which include a non-natural person; the tax difficulties where profit-sharing and salary arrangements result in some partners having an economic...
