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Ploughing new ground

These are difficult times for farming, and the need for an accurate, updated partnership agreement has never been more important, says Julie Butler

2 August 2013

These are difficult times for farming, and the need for an accurate, updated partnership agreement has never been more important, says Julie Butler

In an attempt to counter perceived abuse of partnerships for tax avoidance purposes, HMRC launched a consultation on two aspects of these structures and limited liability partnerships (LLPs) on 21 May 2013. A key focus of the consultation paper is 'mixed partnerships' and how they are taxed. Mixed partnerships, including LLPs, are those comprising individuals and companies as partners.

In these arrangements, the companies are usually owned by some or all of the individual members. Such structures have become increasingly fashionable in farming with many being undertaken in haste without proper research.

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