The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
It is not always clear whether a partnership exists. Some guidance can be found in the Partnership Act 1890, and the courts have provided a significant volume of case law.
It is, however, not uncommon to find that people have been trading in partnership without realising it. Care is thus needed, as the special tax rules which apply to partnerships can give unexpected results, particularly where losses are concerned. See the General rules for partnership losses guidance note.
The Partnership Act excludes the following business relationships from being partnerships, if there are no other factors:
the existence of a joint tenancy, tenancy in common, joint property, common property, or part ownership of property (this remains the case whether or not the tenants or owners share any profits arising from the use of the property)
the sharing of ‘gross returns’ (turnover), whether or not
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
IntroductionConsortium relief enables losses of a consortium company to be transferred to consortium members in proportion to the consortium member’s interest in the consortium company, and vice versa. Consortium relief is a flexible relief which is available in several different scenarios which are
This guidance note provides an overview of the partial exemption de minimis rules. This note should be read in conjunction with the Partial exemption overview guidance note. If a business incurs an insignificant amount of input tax which is associated with exempt supplies (exempt input tax), it may
Usually, allowable capital losses can only be set against chargeable gains. If the losses are not fully utilised against gains in the year in which they arise, the excess is carried forward to use against future gains. See the Use of capital losses guidance note for further details.This rule can be
What is a quoted company?Reference to a quoted company is usually to a company where the shares in the company are listed on the London Stock Exchange, any other international stock exchange, or on AIM or ICAP Securities and Derivatives Exchange (formerly the PLUS market and now known as ISDX) in
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.