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ARTICLE · 14 MARCH 2014

Partnerships Update – March 2014 Edition

Fieldfisher
Fieldfisher
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Fieldfisher

Fieldfisher

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In this edition of Field Fisher Waterhouse's Partnerships Update we highlight:

United KingdomTax
Guy Burman
Guy Burman
Nicholas Thompsell
Nicholas Thompsell

In this edition of Field Fisher Waterhouse's Partnerships Update we highlight:

  • HMRC's latest guidance on the new tax rules for salaried members.
  • The Office of Tax Simplification's interim report on partnerships.
  • A recent Court of Appeal case which explores the court's discretionary power to dissolve a partnership.

We hope you find this of interest.

1. HMRC issues new guidance on new salaried members rules

In recent Partnership Updates we have reported on HMRC's new rules for partnerships. A key element of the new rules is HMRC's proposal to introduce a three step test to determine whether an LLP member is an 'equity member' or a 'salaried member' – the latter being treated as an employee for tax and NICs purposes.

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