Revenue Precedents

Death of an individual is not a balancing event for the purposes of the section. IT963510

If there is a termination of a “relevant period”, as defined in Section 1007 Taxes Consolidation Act 1997, in relation to a non trading partnership does a balancing charge arise?. The provisions of Part 43 Taxes Consolidation Act 1997 apply to trades and professions carried on in partnership. They do not apply to non-trading or non-professional partnerships, such as a partnership which exists solely to own and let property. The provisions of Section 274 Taxes Consolidation Act 1997 will determine if and when a balancing allowance/charge will arise in the case of such non-trading partnerships. IT913068