The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
If the partnership makes a loss and consequently a loss is allocated to a new partner, then special rules apply if the partner is not a corporate partner.
The new partner will be treated as a sole trader who commences a business and makes a loss in the early years. The rules which follow apply to new partners joining an existing partnership and the commencement of a new partnership in the same way as they apply to sole traders.
For corporate partners the position is much simpler. The loss allocated to it is included in the company self-assessment tax return. Where the period for which the partnership makes up accounts does not coincide with th
**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
Why do we need to calculate these amounts?This guidance note sets out details of the initial calculations a group will need to undertake for the purposes of the corporate interest restriction (CIR) regime. For a general overview of the regime, see the Corporate interest restriction ― overview
Why defer a gain?An individual’s net taxable income and chargeable gains for the tax year influence the rate of tax payable on their capital gains. See the Introduction to capital gains tax guidance note.Depending on the nature of the asset disposed of, this can result in the individual paying
IntroductionThe CFC rules as outlined in this note apply to accounting periods beginning on or after 1 January 2013, the date upon which significant changes made by Finance Act 2012 became effective.From this date, the CFC rules also apply to foreign branches in respect of which an exemption
Introduction to the regimeThe aim of the patent box regime is to provide an incentive for companies to develop and retain patents and other qualifying intellectual property within the UK as part of the Government’s growth agenda. Finance Act 2012 originally introduced the legislation governing the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.