Partnership losses and the partners’ notional trades
In D Shanks v HMRC [2019] UKFTT 279 (26 April 2019) the FTT found that a carry-forward loss claim relating to losses made by a partnership failed.
Douglas Shanks LLP had carried on the profession of accountancy. The two members of Douglas Shanks LLP had been Mr Shanks and Celestial Accounting a dormant company. Mr Shanks ceased to practise with Douglas Shanks LLP in June 2008 and from that point he practised as a partner in a series of firms. His 2008/09 return included partnership pages for Douglas Shanks LLP and claimed a current loss of £221 667 and total carry-forward losses of £235 298. The return also included self-employment profits from the new firm he had joined.
The 2009/10 and 2010/11 returns also declared self-employment profits from the new partnership. However they contained no partnership pages but included a ‘white space’ disclosure...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Partnership losses and the partners’ notional trades
In D Shanks v HMRC [2019] UKFTT 279 (26 April 2019) the FTT found that a carry-forward loss claim relating to losses made by a partnership failed.
Douglas Shanks LLP had carried on the profession of accountancy. The two members of Douglas Shanks LLP had been Mr Shanks and Celestial Accounting a dormant company. Mr Shanks ceased to practise with Douglas Shanks LLP in June 2008 and from that point he practised as a partner in a series of firms. His 2008/09 return included partnership pages for Douglas Shanks LLP and claimed a current loss of £221 667 and total carry-forward losses of £235 298. The return also included self-employment profits from the new firm he had joined.
The 2009/10 and 2010/11 returns also declared self-employment profits from the new partnership. However they contained no partnership pages but included a ‘white space’ disclosure...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
