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Commentary

25.1 Tax neutrality of drawings

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

25.1 Tax neutrality of drawings

| Commentary

25 Sole traders and partners

25.1 Tax neutrality of drawings

A sole trader or a partner, whether general partners or members of a limited liability partnership, are subject to income tax on the trading profits of the business or the share of the profits in the case of a partnership under the Income Tax (Trading and Other Income) Act 2005 Part 2 (sections 3–259). These profits are chargeable to income tax whether or not the trader or partner remunerates himself by making drawings from the business on a monthly or other periodic basis during the accounting period in expectation

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