Q&A: OTS recommendations on partnerships and unincorporated businesses

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The Office of Tax Simplification (OTS) has published its third and possibly final report on the subject of the taxation of partnerships for smaller unrepresented businesses that are trading in an unincorporated form. Mark Waddilove (Baker Tilly) which responded to the consultation, assesses the report.

The OTS continues to press for changes on individual partners’ expenses claims and new options for partnership gift aid donations as well as for creation of a senior role within HMRC to guide tax policy on partnerships. Other recommendations include more guidance in the Partnership Manual around the partnership agreement groups with LLP members and international aspects. HMRC has agreed to update Statement of Practice D12 on CGT and partnerships.

What is your first impression of the report?

At a very high level we welcome the commitment HMRC has shown in working with all parties to bring about positive change...

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© Copyright LexisNexis 2024. All rights reserved.

The Office of Tax Simplification (OTS) has published its third and possibly final report on the subject of the taxation of partnerships for smaller unrepresented businesses that are trading in an unincorporated form. Mark Waddilove (Baker Tilly) which responded to the consultation, assesses the report.

The OTS continues to press for changes on individual partners’ expenses claims and new options for partnership gift aid donations as well as for creation of a senior role within HMRC to guide tax policy on partnerships. Other recommendations include more guidance in the Partnership Manual around the partnership agreement groups with LLP members and international aspects. HMRC has agreed to update Statement of Practice D12 on CGT and partnerships.

What is your first impression of the report?

At a very high level we welcome the commitment HMRC has shown in working with all parties to bring about positive change...

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:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this article in full.

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