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Partner leaving a partnership

Partner leaving a partnership

I have a four member partnership but one partner left on 31 Oct 11 ( this is the partnership year end).  How do I reflect this on the partnership tax return? 



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18th Jan 2013 19:23

Why would you need to?

The partnership return for 2011/12 shows the partnership accounts to 31 Oct 2011 and the 2011/12 profit shares for the 4 partners.  The 2012/13 partnership return will have profit shares for just 3 partners.

The departing partner may have overlap relief to claim on his individual tax return.

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