Lowtax Network

Back To Top

Your Lowtax Account

Guernsey: Domestic Corporate Taxion

Taxation of Partnerships

In Guernsey partnerships each partner is liable for income tax on his share of profits, including partnership income other than from the business of the partnership. Limited Partnerships are treated in the same way as ordinary partnerships.

Partnerships are treated as businesses under Guernsey law, and the calculation of profits follows the same rules as it does for companies (see above) including allowance for losses and capital allowances. The treatment of capital items used by the partnership is the same whether the items are owned by all the partners or only some of them. This provision does not apply to lettings or to capital items provided to the partnership in return for a consideration which is itself deductible from profits.

 

 

Back to Guernsey Index »