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View the article online at http://citywire.co.uk/wealth-manager/article/a723065

Vestra's Scott: We do not fear HMRC partnership crackdown

by Elsa Buchanan on Dec 06, 2013 at 11:06

'We have always avoided the temptation to use that, because we felt it was slightly artificial any way,' he conceded.

Finally, there are implications for corporation tax too. 'If you and I are in partnership we pay 45% tax, but if you decide to do that purely to avoid corporation tax, you had the ability to transfer some of those profits to a limited company that was a partner within the partnership. That would take corporation tax off' he explained.

'If you have created a limited company just to divert profits, then that should be hit. I’d be supportive of that,' Scott added.

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