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Partnerships – who needs them?

The OTS has issued its interim report on partnership taxation. Partnerships are important and greater consideration should be given to them in tax system changes. There is no appetite for a new ‘Partnerships Tax Act’ but the OTS suggests a number of ‘quick fixes’ that will help all types of partnerships and a range of longer term areas to work on to improve the system.

The answer to the question in this article’s title is– as shown by the Office of Tax Simplification’s (OTS) latest report – ‘the UK’. After all partnerships comprise almost 10% of UK businesses – possibly a surprise? Our conclusion was that partnerships don’t receive proportionate attention when the tax system is developed. We think the tax system needs to take a more strategic approach to partnerships rather than...

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