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ACCA F6知识点:Partnerships
  • 2015年09月02日
  • 09:40
  • 作者:高顿财经
  • 来源:高顿财经
  • 阅读:(183)
摘要:【高顿ACCA小编】2015年 ACCA 考试即将开始,我们将第一时间公布考试相关内容,请各位考生密切关注高顿ACCA,预祝大家顺利通过ACCA考试。今天为大家带来的...
   【高顿ACCA小编】2015年ACCA考试即将开始,我们将第一时间公布考试相关内容,请各位考生密切关注高顿ACCA,预祝大家顺利通过ACCA考试。今天为大家带来的是ACCA F6知识点:Partnerships

       1 Introduction
 
  Although a person may be a partner in a firm, he is still a
 
  separate taxable person for income tax (and CGT). The person's share of
 
  partnership profits is assessed to tax as part of his total taxable income for
 
  a tax year.
 
  For self-assessment purposes, the firm produces a partnership
 
  return showing the allocated amounts of income (and gains) for all partners.
 
  Each partner uses this information to complete his individual annual tax
 
  return.
 
  2 Allocations of Trading Profits and Losses
 
  Between Partners
 
  Adjusted profits and losses, determined for the period of account
 
  of the firm as a whole, are allocated between the partners in the
 
  profit-sharing arrangements of that period of account.
 
  Profit-sharing arrangements include the partners' salaries,
 
  interest on contributions to the firm's capital and the profitsharing ratio
 
  that is used to allocate surplus profits.
 
  If the profit-sharing arrangement changes during a period of
 
  account, the profit or loss is time-apportioned between the periods before and
 
  after the change. The profit or loss before the change is allocated according
 
  to the old arrangement; the profit or loss after the change according to the
 
  new arrangement.
 
  Each partner's share of profit or loss will then be used to
 
  determine his assessments under the current year basis (CYB) for each tax year.
 
  3 Admission and Retirement of Partners
 
  When a partner is admitted to an existing firm (or a sole trader
 
  takes in his first partner), the incoming partner is assessed using the current
 
  year opening year rules on his share of the firm's profits. The assessment of
 
  each of the existing partners is unaffected.
 
  When a partner leaves an existing firm, the last year basis
 
  applies to his share of profits only, with relief for his share of accumulated
 
  overlap profits. Again, the assessment basis for the remaining partners is
 
  unaffected.
 
  4 Cessation of the Firm as a Whole
 
  Where the firm as a whole ceases to be assessed to income tax, the
 
  last year basis applies to all the partners with relief given for each
 
  partner's share of accumulated overlap profits.
 
  5 Trading Loss Relief for a Partner
 
  Where a partner has a loss for a tax year he can choose to relieve
 
  his share of the loss in the way that best suits his individual circumstances.
 
  For an established business, this usually means choosing between
 
  the more immediate s.64 relief against total income (with or without s.261 TCGA
 
  1992 relief against gains) and later s.83 carry forward relief against future
 
  shares of trading profit.
 
  All partners of a new firm and a new partner of an existing firm
 
  may claim s.72 relief for attributable shares of a loss of any of the first
 
  four tax years of assessment.
 
  Where a partner leaves a firm and has been allocated a loss prior
 
  to his retirement, he can claim the appropriate form of loss relief, including
 
  s.89 (terminal loss) relief against his share of trading profits for the final
 
  and preceding three tax years of his trade.
 
  If the firm as a whole ceases trading in such circumstances, then
 
  all partners can make a terminal loss claim.
 
  6 Capital Allowances
 
  Assets attracting capital allowances may be owned by the firm
 
  (e.g. office equipment) or by the partners personally and used for business purposes
 
  (e.g. motor cars).
 
  Where these different arrangements exist:
 
  = capital allowances are calculated on both types of assets for
 
  the period of account of the firm (i.e. as normal);
 
  = capital allowances on the firm's assets are deducted as a
 
  trading expense before allocating profits between the partners (note this
 
  applies to all assets owned by the partnership, even if subject to private
 
  use);
 
  = capital allowances attributable to the business use of privately
 
  owned assets are deducted from the share of profits of each partner after
 
  allocation.
 
  7 Limited Liability Partnerships (LLPs)
 
  Limited liability partnerships (LLPs) are separate legal entities
 
  in which the partner's liability for the firm's debts is limited to their fixed
 
  capitals.
 

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