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Where Taxpayers and Advisers Meet

Partnership agreement

hardy
Posts:46
Joined:Wed Aug 06, 2008 4:04 pm
Partnership agreement

Postby hardy » Fri Jun 17, 2016 10:08 am

I have a partnership where the 2 parties were living together and bought 2 holiday lets jointly. They however drew up a partnership agreement whereby the profits were split 90% to the lady and 10% to the man because she did all of the work, such as cleaning, meet and greet, organise all work that needed doing etc.
They have now got married. Does the profit now need to be split 50/50 or can they carry on with it being 90/10?

bd6759
Posts:4270
Joined:Sat Feb 01, 2014 3:26 pm

Re: Partnership agreement

Postby bd6759 » Fri Jun 17, 2016 11:20 am

Letting of property, even FHL, is rarely a partnership. However, s836 ITA does not apply to FHL or partnerships


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