Some not very dramatic changes for partnerships, limited partnerships, and LLP’s

Wed 22 Nov 2017

The Budget includes a package of changes to the taxation of partnerships, limited partnerships and limited liability partnerships: some are simplifications; some are clarifications; and some may at the margins prevent avoidance or the delay of tax liability through the manipulation of profit and loss allocations. They have been well flagged, starting off life in Budget 2016 with a consultation in August 2016, Responses in March 2017 and draft legislation published in September 2017.

These could affect certain professional or trading partnerships as well as those which are used for investment purposes, particularly where the structure may be of multiple tiers.

All business structures in these categories need to review their tax compliance and filing methodologies to make sure they are fully aligned with this new suite of rules. Relatively few however are likely to find that the provisions result in any significant economic effect since both the Exchequer impact and the economic impact of the changes are assessed at negligible.

For further information please contact Lindsay.Pentelow@mazars.co.uk

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One response to “Some not very dramatic changes for partnerships, limited partnerships, and LLP’s”

Jonnie Oldham says:
November 24, 2017 at 15:30
Please forward me any information regarding LLP’s.
Thanks
Jonnie
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Some not very dramatic changes for partnerships, limited partnerships, and LLP’s

Some not very dramatic changes for partnerships, limited partnerships, and LLP’s

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One response to “Some not very dramatic changes for partnerships, limited partnerships, and LLP’s”

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