Taxation of Partnership Gains

Given the targeting of private equity and investment managers in recent budgets, it is pleasing to see that the updating of the guidance around the taxation of gains in partnerships has not been fundamentally changed in the latest revision to Statement of Practice D12 (SoP D12), published yesterday.  Instead the changes incorporate only the clarity and completeness changes recommended by the Office of Tax Simplification earlier this year.  The revised guidance can be found at

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