BIM72240 - Partnerships: Computation & assessment: Allocation of Profits and Losses

Once you have computed the partnership profits or losses for any accounting period you should allocate those profits or losses to the individual partners according to the commercial profit sharing arrangement in force for the relevant period (ICTA88/S111 (3)).

If the partnership business comprises two or more sources of Case I/II income, you should distinguish and separately allocate the profits from each source of income.