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Continuing our series of basic informative articles David Nickson Partner KPMG LLP outlines the background to partnership vehicles and taxation in the corporate context
Although the concept of partnership is an ancient one one might argue that it has never been more relevant. We live in an age of unparalleled collaboration and the flexible nature of partnership vehicles from both a legal and tax perspective makes them undeniably attractive. Despite this UK tax legislation as it applies to partnerships is lacking in a number of areas; this is certainly true when compared for example to the US federal tax code. This article is intended to serve as a recap of the basic provisions related to partnership taxation as it generally applies to companies — there is clearly...

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