This guidance note summarises the tax treatment of partnerships, including how taxable profits or losses are calculated and allocated amongst partners, with links to more detailed commentary. It also outlines the different types of partnerships and partners.

The legislation in relation to the treatment of partnerships is at ITTOIA 2005, ss 846–863L (Pt 9) for income tax purposes and CTA 2009, ss 1256–1273A (Pt 17) for corporation tax purposes, and HMRC guidance can be found from PM100000 onwards.

More detailed commentary can be found in Simon’s Taxes B7.101 and Ray: Partnership Taxation, Ch 1 onwards.