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7.1 Charge to Tax (Part 6 Defines exempt income, including (Authorised…

- - - - Name address and tax reference of each partner
      - Disposals of chargeable business assets by the partnership
      - Partnership statement with
      - Partnership income or losses from all sources
      - Consideration received in respect of and chargeable partnership assets
      - Tax or amounts on account of tax deducted from partnership income
      - Allocation of partnership income, losses, consideration received and tax deductions between partners
- - - - If from a trade carried out wholly in UK
      - From the UK part of a trade carried out both in the UK and abroad
  - - - a) Mines, quarries, gravel pits, sand pits and brickfields
      - b) Ironworks, gasworks, salt springs or works, alum mines or works, waterworks and streams of water
      - c) Canals, inland navigation, docks, drains or levels
      - d) Fishing rights
      - e) Markets and fairs rights, tolls bridges & ferries
      - f) Railways and other kinds of way
      - g) Other things like b) to f)
    - - The surplus is temporary
      - The accommodation is not held as trading stock
      - The accommodation is used partly for the business and is partly let
      - The receipts are relatively small
    - - May include earnings of office or employment (including termination payments)
        
        Exception compensation falling under s401ITEPA as a golden handshake that does not exceed £30k: Exempt from tax under ITEPA exemption that takes priority over ITTOIA charge.
      - Income arising from engagements in the course of carrying on a profession taxable under predecessor to ITTOIA Part 2 and are not separate employments under ITEPA.
  - - - Adjust accounting profit calculated in accordance with
        GAAP to arrive at taxable profit (unless using cash basis)
        
        This could mean adding back things like
        
        Salaries paid to owner of business
        
        Private expenditure