A partnership is not itself chargeable to tax as it transparent, see B7.101.
However, to enable the liability of the partners (including indirect partners, see B7.510) to be determined, HMRC may issue a notice requiring a partnership to deliver a central partnership tax return1 together with a statement of the partnership's income and gains for a specified period (usually its period of account) and of the allocation of that income and those gains to the partners. This allows the tax liability and of each partner to be determined for the tax year.
A separate return is required for each accounts period ended in the tax year concerned. HMRC has confirmed that this remains the same following the basis period reforms (see B7.510). The response from HMRC also confirmed that it may also require details of the adjustments apportioning the profits to the tax year. Taxed income (including dividends) and disposals of chargeable assets are entered for the 12 months ended on 5 April in the tax year concerned.
The notice to file the
Web page updated on 17 Mar 2025 15:03
