With regards to the above, I have a partnership client, who is in partnership with their other half, they have a 50/50 spilt on the partnership profit, but he has said that the income from property is 100% under his name. My understanding is I am too put their income from business as a 50/50 spilt on the partnership return and the property 100% in his name on the Partnership return.
p.s. it has been declared on their self assessment as 1) 50% partnership profit and 100% property profit and then 2) 50% income from partnership on the other partners self assessment.
Lor
-- Edited by lor on Thursday 20th of March 2014 01:23:39 PM
Unless the property is owned by the partnership it should not appear on the partnership return. It should only appear on the property pages of the owner.
