when partners capital accounts are both negative and of different amounts, what are the tax implications?
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Not a lot
If there is interest paid through the partnership on borrowings then there may be a disallowance of some of the interest through the trading results, on the grounds that the interest has been paid in part on borrowings used for the private expenditure of the partners.
See
http://www.hmrc.gov.uk/manuals/bimmanual/BIM45705.htm
et seq.
If you are clever you can usually argue down the adjustment quite significantly, if not eliminate it altogether.
With kind regards
Clint Westwood