Capital gains of a partnership

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance

Capital gains of a partnership

Produced by a Tolley Owner-Managed Businesses expert
Owner-Managed Businesses
Guidance
imgtext

This guidance note details the capital gains tax rules for partners. For the tax on partnership profits, rather than gains, see the Trading profits of a partnership guidance note.

This note assumes a general knowledge of capital gains tax for individuals and companies. For detailed guidance on capital gains of individuals, see the Introduction to capital gains tax guidance note. For companies, see the Calculation of corporate capital gains guidance note.

See also Simon’s Taxes B7.406 onwards.

This note does not consider the tax position of foreign partners or of partnerships controlled abroad; see Simon’s Taxes B7.515 for this detail.

Stamp duty land tax should also be taken into account on transfers of land by partnerships, for more details see the Introduction to stamp taxes guidance note and other guidance notes in the same sub-topic. In addition there is specific commentary in ‘Analysis ― SDLT and partnerships’ by Susan Dennis and Adam Kay in Tax Journal, Issue 1641, 10, (17 November 2023).

Allocation of gains in partnerships

Once it is established that an asset is a

Continue reading the full document
To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™
Powered by Tolley+
  • 17 Jan 2024 14:40

Popular Articles

Enterprise investment scheme tax relief

Enterprise investment scheme tax reliefOverview of EIS tax reliefsThe enterprise investment scheme (EIS) offers significant tax reliefs to encourage individuals to invest money in qualifying shares issued by qualifying unquoted companies. The scheme is designed to encourage investment in small,

14 Jul 2020 11:36 | Produced by Tolley Read more Read more

Foreign tax relief

Foreign tax reliefIncome and gains may be taxable in more than one country. The UK has three ways of ensuring that the individual does not bear a double burden:1)treaty tax relief may reduce or eliminate the double tax2)if there is no treaty, the individual can claim ‘unilateral’ relief by deducting

14 Jul 2020 11:44 | Produced by Tolley Read more Read more

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more Read more