BIM72120 - Partnerships: Limited Liability Partnership (LLP): TMA

Where a LLP is treated as a ‘partnership’ for the purposes of the Tax Acts then the TMA provisions relating to partnerships and to partners apply equally to the LLP and to the members of the LLP. Examples of such provisions include TMA70/S12AA (issue of partnership returns), TMA70/S12AC (enquiries into partnership return), TMA70/S19A (power to call for documents), TMA70/S28B (closure of enquiries), TMA70/S30B (discovery and partnerships) and TMA70/S93A and TMA70/S95A (penalties).

If exceptionally a LLP is regarded as a ‘company’ for the purposes of the Tax Acts the TMA provisions relating to companies will apply to that LLP.

Where an old partnership incorporates as a LLP during an accounting period then, if the partners so wish, they need only make a single partnership return for the one tax year. They may do this even if the partnership changes its accounting date. The old partnership and the new LLP also need only make a single PAYE return for the tax year in which the old partnership incorporates as the new LLP.