partnership tax return

Hello. I'm the designated member of a partnership (LLP). The members put money into the LLP to subscribe for shares in a new company, in 2021. In 2023 the company folded so we all suffered a capital loss. I know what I need to achieve: on a look-through basis this is a CGT loss for each member, and there is no income tax impact. But I can't work out how to fill in the boxes on 3-6 of the partnership tax return SA800 - should the 'loss from a trade or profession' be equal to the capital loss? Or should that be zero and the capital loss recorded somewhere else? thanks for any help

Hi,

The capital loss would be recorded under the capital gains section of the return.

Thank you.

Hi. Please could you help me with an example? If, say, the partnership bought an (investment) asset in a previous year for £1000 and sold it this year for £0, and that was all the partnership did, where exactly do I show the -£1000? All I can find are boxes for the disposal proceeds which I think is zero?

Hi,

You can see guidance here:

Self Assessment: Partnership disposal of chargeable assets (SA803)

Thank you.

Hi, thanks for replying. I've read every word of this guidance 4 times before posting, and I still can't see where I enter the cost of the assets bought. Because of that, I don't know how to tell HMRC what each partner's share of the asset COST is. I understand how to tell them the proceeds and the split of the proceeds, but not the COST. Please can you tell me exactly where to put this information? Sorry if I'm being stupid, but I am completely confused. I have tried the helpline, without success. I've also asked an accountant, who said they also did not know, but they relied on software to put the information in the right boxes. I don't think it is reasonable to expect me to pay £1000+VAT (the price quoted) to fill in a form of zeros, just because there is no guidance on where to record the purchase price of the asset and the split between members.

Hi
If there is no trade, you are only completing the capital gains part of the return. Your cost price is £1000 as per your previous question with a disposal price of 0.

Thank you. I appreciate you continuing to reply. I don't think I am making my question clear. The disposal price goes on SA 800 (PS) in box 30. That comes from box 4.1 on SA803. In my example, both of those would be £0. Now, where does the £1000 go? Can you tell me which box, on which form? I have read all the guidance on every single form, and I cannot see a box asking for this information. I therefore don't know how to tell you either the total purchase price of the asset, or the proportion paid by each partner.

Hi,

You will need to contact our Self Assessment team for further advice.

Self Assessment: general enquiries

Thank you.