A partnership set up as above traded for 10 years in inner city property development (conversion) and residential lettings. It benefitted from many tax allowances in the process which benefitted partners. These allowances were significantly greater than the 1% equity originally contributed. The partnership then wound up with a loss. Are the equity and loan amounts treated entirely seperately when considering loss relief on termination ie can all the loan be claimed as a loss? Or do the tax allowances received have to be considered against the sum of equity and loan amounts before determing losses?
6th Aug 2018
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How to determine loss relief o limited partnership
Tax relief on limited partnership losses where partnership was funded by 1% equity and 99% loan
