Taxes Management Act 1970 section 12AA

Partnership return

Section 12AA establishes the requirements for partnership tax returns, including who must file them, what they must contain, and the filing deadlines for both electronic and paper returns.

• HMRC can require a partnership carrying on a trade, profession or business to file a return to establish each partner's income tax or corporation tax liability, including indirect partners in tiered partnership structures
• Filing deadlines differ for electronic and non-electronic returns: for partnerships with individuals, paper returns are due by 31st October and electronic returns by 31st January following the tax year; for partnerships with companies, paper returns are due nine months after the period end and electronic returns twelve months after
• Every partnership return must declare the name, residence and tax reference of each partner, state which period each was a partner, and include a declaration that the return is correct and complete; HMRC may also require capital gains information on disposals of partnership property
• If the person responsible for the return is no longer available, a successor can be nominated by a majority of relevant partners or, failing that, identified by HMRC; a penalty of £60 applies for failure to include additional information required by HMRC regulations