Q&A: OTS recommendations on partnerships and unincorporated businesses

The OTS continues to press for changes on individual partners’ expenses claims and new options for partnership gift aid donations as well as for creation of a senior role within HMRC to guide tax policy on partnerships. Other recommendations include more guidance in the Partnership Manual around the partnership agreement groups with LLP members and international aspects. HMRC has agreed to update Statement of Practice D12 on CGT and partnerships.

What is your first impression of the report?

At a very high level we welcome the commitment HMRC has shown in working with all parties to bring about positive change for the smaller unrepresented businesses that are trading in an unincorporated form: partnerships and limited liability partnerships.

In the report HMRC have responded to the OTS recommendations positively and have either agreed to make changes agree to review matters further or confirmed that existing...

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What is your first impression of the report?

In the report HMRC have responded to the OTS recommendations positively and have either agreed to make changes agree to review matters further or confirmed that existing...

If you are not a subscriber, subscribe now to read this content.

If you are already a member, sign in

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this article in full.