The following Owner-Managed Businesses guidance note by Tolley provides comprehensive and up to date tax information covering:
This note explains how untaxed income received by a partner from his partnership is taxed. The Untaxed income of a partnership guidance note details what income is included as ‘untaxed income’.
For the taxation of taxed income, see the Taxation of taxed income of a partnership guidance note. For the taxation of trading profits, see the Taxation of partnership trading profits guidance note. For foreign income, see the Partnership foreign income and tax paid guidance note.
A partnership’s untaxed income is dealt with as follows:
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