The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
This note explains what is untaxed income for a partnership. How this income is allocated and taxed on the partners are discussed in the Allocation of partnership income and Taxation of untaxed income of a partnership guidance notes.
The types of untaxed income most commonly received by UK partnerships are UK interest and property income.
Before considering the rules under which these amounts are taxed, it is first important to eliminate certain payments which may be wrongly classified as ‘untaxed income’.
Interest paid on partnership capital is not treated like other interest, either when paid by the partnership or when received by the individual partners (ie it is not an allowable deduction from trading prof
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