The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Partnerships established in the UK are one of four types:
Those who are called ‘partners’ may thus belong to one of these partnerships. In addition, ‘salaried partners’ may not be partners at all, but employees. For tax purposes, all UK partnerships are transparent, but this is not always the case overseas.
The most common form of partnership in the UK is a general partnership. General partnerships are established under the Partnership Act, which defines a partnership as the relationship which subsists between persons carrying on a business in common with a view of profit.
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