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Partnership tax disputes: referral to the FTT

Can it really be right that the taxability (or not) of a receipt can be determined by the partnership, with the recipient partner having no right to object? David Whiscombe (David Whiscombe LLP) discusses a tribunal decision that considered for the first time the scope of TMA 1970 s 12ABZB.

TMA 1970 s 12AB(1)(b) requires that a partnership return rendered under s 12AA must include a statement (a ‘partnership statement’) showing how the partnership’s income (as well as any loss tax or consideration for capital gains disposals) is allocated between the partners.

If a partner considers (or even knows for sure) that the amount allocated in a partnership return is incorrect what is he or she (or it – corporates can be partners too) to do? On the one hand s 8(1B) requires that an individual’s self-assessment tax return must include the amount which in...

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