Course Description
A partnership is defined within the Partnership Act 1890 (in section 1(1)) as the coming together of one or more individuals to make a profit.
Partnerships are transparent for tax purposes (i.e., the partners hold the underlying assets) and are subject to income tax on their profit shares. Likewise, for capital gains tax (CGT) and inheritance tax (IHT) purposes, the partnership itself is 'looked through' with partners taxable on capital gains and transfers of value respectively.
This CPD webinar by Chris Thorpe will cover different types of partnerships in the UK and the income tax implications including loss restrictions and disguised remuneration rules. An examination of the capital taxes shall be looked at too - IHT and BPR in particular, and CGT and the reliefs, BADR in particular.
This course covers the following Major Topics:
- Types of partnership
- General partnership
- Fixed-share/salaried partner
- Partnership assets – what are they?
- Changing ratios
- Subsequent disposal by a partnership
- Corporate partners
- Capital accounts
- Incorporations 2022/23
- Goodwill
- Individual partners
Chris is a Fellow of the Chartered Institute of Taxation and a member of the Society of Trust & Estate Practitioners. He is the Technical Officer for the CIOT's Digital & Agent Services, Private Client (International), and Scottish Taxes committees. He started his career in private practice in 2008, training at Grant Thornton and subsequently specializing in agricultural and private client taxes. He has expertise in Income Tax, Inheritance Tax, trusts & Estates, and Owner-Managed Business Taxes in the United Kingdom.
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