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 his business and makes a loss in his 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 the company’s accounting
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