Taxation of taxed income of a partnership

By Tolley
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The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Taxation of taxed income of a partnership
  • Introduction
  • How taxed income is treated
  • Bank and building society interest arising from 2016/17 onwards

Introduction

This note explains the rules which apply when a partner receives taxed income from his partnership. The Taxed income of a partnership guidance note details what income is included as ‘taxed income’.

For the taxation of untaxed income, see the Taxation of untaxed income of a partnership guidance note. For the taxation of trading profits, see the Taxation of partnership trading profits guidance note. For foreign income, see the Partnership foreign income and tax paid guidance note (subscription sensitive).

How taxed income is treated

A partnership’s taxed income is dealt with as follows:

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