Self assessment tax returns must be filed by the partnership (a partnership tax return, SA800) and by each individual partner (SA100 with the partnership supplementary pages, SA104S or SA104F).
Corporate partners include their share of the partnership income in their company tax return (see the Corporation tax self assessment (CTSA) returns guidance note).
Limited liability partnerships (LLP) and limited partnerships (LP) are automatically registered for self assessment by Companies House when they are formed. However, all other partnerships will need to register with HMRC directly. This should be done within six months of the end of the tax year of commencement.
This can be done online (or by using postal forms if the online service cannot be used). The form that needs to be submitted is form SA400.
In addition, the partners will also need to register for self assessment (and, if appropriate, Class 2 National Insurance Contributions (NICs)). If the partner is an individual then form SA401 should be used and if they are not an individual (eg they are
Spouse exemption from inheritance taxArguably, the most important inheritance tax exemption is the spouse exemption from inheritance tax.There is no IHT to pay on gifts from husband to wife and vice versa, or from one civil partner to the other (referred to collectively in this note as ‘spouses’).
Substantial shareholding exemption ― overviewThe substantial shareholdings exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. No claim is required. Provided
Foreign exchange issuesOverview of foreign exchange provisionsForeign exchange (FX) movements are generally taxed following the rules applicable to the underlying income, expenditure, asset or liability on which they arise, broadly as follows:Capital assetsOn a realisation basis (ie on disposal)