The Office of Tax Simplification has recommended several ‘short-term fixes’ in an interim report on the taxation of partnerships.
The House of Lords economic affairs committee’s Finance Bill sub-committee heard evidence on 21 January from John Whiting, director of the Office of Tax Simplification.
The decision of the Upper Tribunal in Eclipse confirmed that the film partnership in that case was not trading. As Chris Bates and Judy Harrison explain, the decision is also important for what it tells us about the Upper Tribunal’s ability to hear appeals.
The House of Lords economic affairs committee’s Finance Bill sub-committee has invited the submission by 23 January of evidence on the taxation of partnerships.
Draft legislation is to be included in Finance Bill 2014 to counter tax avoidance through the use of a partnership, but with more people being affected than previously thought, there is more thinking to be done, says James McCredie.
By George Bull
Your guide to the key measures
As HMRC consults on two tax aspects of partnerships, Paul Tallon looks at a structure that is complex but increasingly popular
Chris Hutley-Hurst reviews the condoc aimed at settling ‘unintended inconsistencies’
HMRC has published an open consultation on changes to two aspects of the tax rules on partnerships in order to prevent tax loss arising from disguising employment relationships through limited liability partnerships, and certain arrangements involving allocation of profits and losses among partne