Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Partnership definition

What does Partnership mean? A partnership is the common business arrangement where two or more persons run a business together for profit, usually under a firm name and often governed by a partnership agreement. In partnership law, this is the general partnership. The core legal definition comes from the Partnership Act 1890 (PA 1890): the relation subsisting between persons “carrying on a business in common with a view of profit.” Key legal features include: - Agency: each partner is an agent of the firm in the ordinary course of business. - Liability: partners have unlimited liability for partnership debts (joint in England & Wales and Northern...

HMRC penalties for inaccurate tax returns: partnerships and LLPs, officers’ personal liability, potential lost revenue calculation and appeals, plus upcoming behavioural reforms

Published by a LexisNexis Tax expert

Practice notes

FORTHCOMING CHANGE relating to penalty reform calls for evidence and behavioural penalties reform:

At Budget 2025, the government released a summary of responses to the consultation opened at Spring Statement 2025 on behavioural penalties reform, and confirmed its intention to move forward with proposals to revise penalties for inaccuracies in tax returns and for failures to notify chargeability.

This consultation built on two earlier calls for evidence:

An initial call for evidence, ‘The Tax Administration Framework: Supporting a 21st Century tax system’, issued on 23 March 2021, with a summary of responses published on 30 November 2021; and
A second call for evidence, ‘The Tax Administration Framework Review–enquiry and assessment powers, penalties, safeguards’, issued on 15 February 2024, followed by a summary of responses on 30 October 2024. This second exercise explored potential options for penalty reform, including reforms to penalty suspension and to penalty escalation for continued or repeated non-compliance.

The consultation outcome released at Budget 2025 confirms the government’s plan to develop draft legislation to reform the current behavioural penalty framework, rather than introducing a completely new legislative model. In essence, the government will adapt and update the established Rules, not replace them outright...

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Web page updated on 26/05/2026

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