Gary Richards, chair of the Law Society’s tax law committee, has told the Finance Bill Sub-committee of the House of Lords that the proposed partnership measures (due to come into effect in April) will harm professional firms that operate as LLPs for genuine business reasons.
‘The CBI urged the government to pilot a tax incentive to encourage retail investors to hold shares for at least five years. It also launched an online tool to help businesses find the right type of finance.
John Whiting explains why partnerships matter and sets out some quick wins on their taxation, as identified by the Office of Tax Simplification
Jackie Wheaton answers a query on the tax treatment of legal costs of an out of court settlement.
The Office of Tax Simplification has recommended several ‘short-term fixes’ in an interim report on the taxation of partnerships.
Deductibility of travel expenses
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.
Share loss relief: were shares bought or subscribed for?
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.