A back to basics guide on SP D12 and CGT for partnerships, by Alex Sim and Tanja Velling (Slaughter and May).
The tax transparency of partnerships and LLPs for CGT purposes has its statutory basis in TCGA 1992 s 59 (for partnerships generally) and s 59A (for LLPs specifically). The broad effect of these sections is that:
tax in respect of chargeable gains on a disposal of partnership assets is charged separately on each of the partners and
partnership ‘dealings’ are treated as ‘dealings’ by the partners and not by the partnership as such.
This is the extent of statutory guidance on partnerships and CGT and so taxpayers and HMRC have had to fill in the gaps. An area of particular difficulty is transactions between partners and the partnership and transactions at the partner level: the two bullets above address transactions at the partnership level but have very little...
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A back to basics guide on SP D12 and CGT for partnerships, by Alex Sim and Tanja Velling (Slaughter and May).
The tax transparency of partnerships and LLPs for CGT purposes has its statutory basis in TCGA 1992 s 59 (for partnerships generally) and s 59A (for LLPs specifically). The broad effect of these sections is that:
tax in respect of chargeable gains on a disposal of partnership assets is charged separately on each of the partners and
partnership ‘dealings’ are treated as ‘dealings’ by the partners and not by the partnership as such.
This is the extent of statutory guidance on partnerships and CGT and so taxpayers and HMRC have had to fill in the gaps. An area of particular difficulty is transactions between partners and the partnership and transactions at the partner level: the two bullets above address transactions at the partnership level but have very little...
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:
