CheckLists.Tax (beta)
H3. Contribution of asset/business
- Ownership of partnership assets
- "[145] It is clear to us from the cases cited that the partners of a partnership do not own the assets which comprise the partnership property, they have instead a beneficial interest in the realised value of that property." (Armour Veterinary Group)
- Same conclusion if Scottish Partnership (§193).
Legislation:
Cases:
Armour Veterinary Group Ltd v. HMRC [2024] UKFTT 539 (TC), Judge Tilakapala
HMRC manuals:
Commentary:
See also:
- Treatment of LLP as transparent
General approach
- LLP treatment as transparent limited to the circumstances in which a general partnership would be regarded as in business for the purposes of Partnership Act 1890 (GCH, §129).
- See s.59A.
- Further notes at H1. Partnership income.
Legislation: TCGA s.59A;
Cases:
HMRC manuals:
Commentary:
See also:
CAPITAL GAINS TAX
CAPITAL ALLOWANCES
- Succession to partners' trade
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Commentary:
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