Loan interest in partnership profits
Language: English Series: EGCS ; 1988 143Publication details: 1988Subject(s): Summary: 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.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| News article | London News article | WB2445-52 (Browse shelf(Opens below)) | 1 | Available | 67961-1001 |
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.