Loan interest in partnership profits
Loan interest in partnership profits
- 1988
- EGCS 1988 143 .
In Brumfield v Inland Revenue Commissioner , QBD 26 October 1988, it was held that the practice of allowing the loan interest to be set against partnership profits could not apply as the partnership was not paying interest on the son`s behalf. This was not a case where a partner had taken a loan and allowed the partnership to occupy the land acquired with the loan rent-free for partnership purposes.
In Brumfield v Inland Revenue Commissioner , QBD 26 October 1988, it was held that the practice of allowing the loan interest to be set against partnership profits could not apply as the partnership was not paying interest on the son`s behalf. This was not a case where a partner had taken a loan and allowed the partnership to occupy the land acquired with the loan rent-free for partnership purposes.