25 April 2007
A 'partnership', which comprises six members of a family, over two generations, owns a property which has been let for some years. Rental income has been declared on each individual's tax return.
The 'partnership' has been VAT registered for some years in anticipation of undertaking the development of the property. There is a partnership agreement relating to the development and the profits will be taxed as Schedule 'D' income in 2007/08 and 2008/09.
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