Since a partnership has, in English law, no separate legal identity, but is recognised as nothing more than a useful means by which to refer to all the partners who, from time to time, make up the partnership, there would prima facie appear to be no reason for any special provisions to apply to partnerships in relation to income tax; each partner's liability therefor could simply be treated as part of his own individual taxation liability1. For example, where a trade or profession is carried on by persons in partnership, the partnership is not, unless the contrary intention appears,
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and millions of others like it, sign-in to LexisLibrary or register for a free trial.
EXISTING USER? SIGN IN
TAKE A FREE TRIAL
0330 161 1234