Taxation of partnerships and LLPs
HM Revenue & Customs has published its long-awaited consultation document on the taxation of partnerships and LLPs. It covers two aspects. Firstly there is the whole basis of taxation of LLP members whose terms resemble those of employees. Secondly there is the question of profit allocation where the partnership includes at least one corporate partner as well as individuals. The intention is to legislate on changes to take effect from April 2014.
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