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Finance Bill changes to affect farming mixed partnerships

Accountancy Age

PRACTITIONERS ARE WARNING draft legislation included in the Finance Bill 2014 could affect mixed partnership structures. Partnerships that include a mix of individual members and companies or trustees will be targeted to discourage the tax-motivated practice. In many cases, individual partners have reduced their own income tax liability by diverting partnership profits to a non-individual partner – typically a company or trustee, which pays a lower rate of tax on its…

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