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HMRC internal manual

Partnership Manual

From
HM Revenue & Customs
Updated
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Mixed member partnerships and international aspects: companies in partnership: computation and allocation of profits

The share of partnership profits allocated to company partners must be computed using the corporation tax rules and the share of partnership profits allocated to individuals must be computed using the income tax rules. If this applies, the partnership should submit two sets of computations and partnership statements with the partnership return. Further guidance on this is available at CTM36510.

Where the partnership accounts are made up to a different end date to those of the company, the company’s share of the partnership profits should normally be time apportioned to its own accounting periods.