HMRC focus on partnerships
The Office of Tax Simplification (OTS) has been commissioned to produce a report on the main complexities around partnership tax together with recommendations for priority areas and specific recommendations for change with the report being due in Autumn of this year. Specifically the review will:
- Identify all specific tax legislation relating to partnerships;
- Review the administration of partnership taxation including filing of returns, payment of tax and penalties and information powers;
- Review HMRC guidance relating to partnerships;
- Look across all the different taxes and review the evidence to identify which areas partnerships find most difficult, costly and burdensome;
- Look at the complexities surrounding LLPs.
The existing tax consultation on partnership tax issues has a response date of 8 August 2013 and indicates that a summary of responses will also be published in Autumn 2013.
There will then be a further consultation on proposed draft legislation in late 2013 with legislation being introduced in the National Insurance Contributions Bill 2013 and Finance Bill 2014.
Date: 30th July, 2013
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