Ray: Partnership Taxation
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Ray: Partnership Taxation provides an in-depth analysis of current legislation and best practice in the challenging area of partnership taxation and is essential reading for accountants, solicitors and others advising professional partnerships. The comprehensive text covers all the key areas of partnership taxation and is referenced throughout to the relevant legislation, case law and Revenue Statements of Practice.
All aspects of taxation touching partnerships are covered including:
* types of partnership and the partnership agreement
* mixed partnerships and corporate partners owned by individuals
* the complexities of partnership capital gains
* mergers and demergers
* incorporation and loss relief
* property investment partnerships
* VAT and the tax treatment applicable to overseas partnerships
* personal pension scheme rules
* operation of stamp duty land tax in partnerships
* extensive cross-referencing of the text, with numerous worked examples
Table of contents
Partnerships and partners
Limited Liability Partnerships (LLPs)
The bases of assessment of partnership profits: a brief history
The calculation of tax-adjusted profit or loss
The basis of assessment of partnership profits
Changes of accounting date and the choice of accounting date
The division of profits between partners
Other partnership income, partnership charges and national insurance contributions
The UK partnership return, partners’ self-assessment and tax administration
Reserving for tax liabilities
The basis of accounting within partnerships, the valuation of unbilled work, revenue recognition, and post-cessation receipts
The taxation of capital gains
Partnership mergers and demergers
Partnerships trading overseas and overseas earnings
Relief for overseas taxes
Companies in partnership
Mixed partnerships and corporate partners owned by individual partners
Other special types of partner
Property investment partnerships
Venture capital or private equity partnerships
Capital provision and interest payments
Provision for retirement; 'Subsidiary' companies, service companies and service partnerships
Incorporation and disincorporation
Value added tax and stamp duty
The partnership agreement
The LLPs members agreement