Tax Plus Blog - Partnerships
U-turn on Partnership Losses
Date: 7th March, 2007 | Author: Lisa Spearman | Comments: 0
Following lobbying from the UK Film Industry HMRC have back-tracked on the new rules for partnership losses. Hidden away on the HMRC website is a new Business Brief which explains that the new rules will not apply to certain film expenditure. It seems that the new restrictions still apply to all other partnerships with non active partners. Bearing in mind that this type of relief for film expenditure is due to disappear in a few months is this really a U-Turn? ...
Further restrictions for partnership losses
Date: 5th March, 2007 | Author: Lisa Spearman | Comments: 0
HMRC have announced further restrictions to the tax relief available for partnership losses. Although applying to all partnerships with non-active partners the new rules are primarily aimed at tax savings devices such as film schemes and technology partnerships. The announcement on the HMRC website on Friday 2 March 2007 can be found here. This may be an indication that further changes to tackle tax avoidance may be announced in the Budget on 21 March. ...
