The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This guidance note explains how trading profits are assessed on partners.
For a discussion of how untaxed income, taxed income and capital gains are assessed on partners see the Taxation of untaxed income of a partnership, Taxation of taxed income of a partnership and Capital gains of a partnership guidance notes.
Partners who take out loans to purchase an interest in a partnership may obtain interest relief. Note that the partnership must be carrying on a trade or profession. If the partnership does not do so, no interest relief is available. For more detail see the Qualifying loan interest guidance note.
Once partnership profits are calculated (see the Trading profits of a partnership guidance note), partners are free to agree amon
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