The long awaited legislation on changes to partnership taxation has been published – and it is not as bad as you might have feared, writes James McCredie (Macfarlanes).
Following a strong reaction from the tax profession and industry bodies to the August 2016 consultation paper on potential changes to partnership taxation (see my article in Tax Journal 9 September 2016) HMRC published its response document in March 2017. This indicated a softening of its stance on many of the more controversial and impractical suggestions which had been put forward in that consultation. The draft legislation for inclusion in Finance (No 2) Act 2017 has now been published and indeed many fears have been assuaged.
Pursuant to the Office of Tax Simplification’s 2015 report on the taxation of partnerships some significant changes had been expected. The August 2016 consultation was therefore welcome in some senses...
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The long awaited legislation on changes to partnership taxation has been published – and it is not as bad as you might have feared, writes James McCredie (Macfarlanes).
Following a strong reaction from the tax profession and industry bodies to the August 2016 consultation paper on potential changes to partnership taxation (see my article in Tax Journal 9 September 2016) HMRC published its response document in March 2017. This indicated a softening of its stance on many of the more controversial and impractical suggestions which had been put forward in that consultation. The draft legislation for inclusion in Finance (No 2) Act 2017 has now been published and indeed many fears have been assuaged.
Pursuant to the Office of Tax Simplification’s 2015 report on the taxation of partnerships some significant changes had been expected. The August 2016 consultation was therefore welcome in some senses...
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:
