Source Currency: Issue 28, September 2025. The following chapters have been updated: Chapter 1 Partnerships and partners Chapter 2 Limited liability partnerships (LLPs) Chapter 3 The calculation of the tax-adjusted profit of loss Chapter 4 The basis of assessment of partnership profits Chapter 5 Partnership changes Chapter 6 Changes of accounting date and the choice of accounting date Chapter 7 Capital allowances Chapter 8 The division of profits between individual partners Chapter 9 Other partnership income, partnership charges and national insurance contributions Chapter 10 Losses Chapter 11 The UK partnership return, partners self-assessment and tax administration Chapter 12 Reserving for tax liabilities Chapter 13 The basis of accounting within partnerships and post-cessation receipts Chapter 14 The taxation of capital gains Chapter 15 Partnership mergers and demergers Chapter 16 Partnerships trading overseas and overseas earnings Chapter 17 Relief for overseas taxes Chapter 18 Companies in partnership Chapter 18A Mixed partnerships and corporate partners owned by individual partners Chapter 19 Other special types of partner Chapter 19A Property investment partnerships Chapter 20 Venture capital or private equity partnerships Chapter 21 Financing a partnership Chapter 22 Provision for retirement Chapter 23 'Subsidiary' companies, service companies and service partnerships Chapter 24 Incorporation and disincorporation Chapter 25 Inheritance tax Chapter 26 Value added tax and stamp duty Chapter 27 The partnership agreement Chapter 27A The LLP members' agreement.

Written by the Professional Practices team from Deloitte, Ray: Partnership Taxation continues to provide an excellent, in depth analysis of current legislation and best practice in the challenging area of partnership taxation and is essential reading for accountants, solicitors and others advising professional partnerships. The comprehensive text covers all the key areas including the basic principles of income taxation, the complexities of partnership capital gains, international aspects, partnership mergers, incorporation and loss relief as well as the emerging area of corporate partners within partnerships with mixed corporate and individual partners. The commentary draws on the Deloitte team's practical experience to combine the technical with the pragmatic.