高顿网校小编今天分享给大家ACCA F6科目的知识点：Partnerships，希望对大家有所帮助。
 
　　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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