What is the implication for commencement of the partnership? Flashcards
1
Q
What is the implication for commencement of the partnership?
A
- Each partner tax individually
- Each partner assess on their share of partnership profits agreed by profit sharing ratio
2
Q
Which reliefs are available for partnerships?
A
ROR;
GHR;
BADR (if entire partnership share disposed of)
3
Q
Partnership Capital Gains Tax -
Each partner is deemed to:
A
- Own a fractional shares of every partnership asset
- Taxed in their own right on their share of the partnership gains as normal
Fractional shares - profit sharing ratio unless otherwise stated.
