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Issue:
4455
/
Categories:
Comment & Analysis
, Business
, Capital Gains
, Companies
, Investments
, Land & property
, Partnerships
, VAT
Tax issues to consider on the incorporation of a general partnership
KEY POINTS
- Reasons to incorporate a partnership.
- Only incorporation relief (TCGA 1992 s 162) or gift relief (s 165) may be claimed.
- Entrepreneurs’ relief may be available.
- Treatment of goodwill and other intangible fixed assets.
Partnerships have been a hot topic of late. Much has been written about salaried partners in limited liability partnerships (LLPs). The same applies to mixed partnership (or corporate partner) structures that is partnerships with both individual and one or more corporate members.
Some of those partnerships may be looking to incorporate to escape the impact of the new partnerships with mixed membership rules (as currently drafted in Finance (No 2) Bill Sch 13 pt 2).
Some of the options available to mixed partnership structures including incorporation were covered by Iain Robertson...
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