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Partnership taxation deserves a firm and clear statutory basis

KEY POINTS

  • Extra-statutory concessions are being gradually replaced by legislation.
  • Statement of practice D12 relating to partnership capital gains dates back to 1975.
  • The OTS notes that partnership gains are often subject to informal settlement rather than legislation.
  • Different rules could apply to different partners involved in the same transaction.
  • Partnerships deserve legal clarity with regard to capital transactions.

The Office for Tax Simplification (OTS) has looked (and is looking) at a number of areas of taxation where the rules have become less clear as the years have passed – and in some cases where the rules were never particularly clear from the start.

Even the Tax Law Rewrite Project has helped only to a limited degree since it was an attempt to improve the intelligibility of complex tax law and...

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