Partnership profit dispute referral timed out and invalid
In J Anderson v PricewaterhouseCoopers (HMRC third party)[2022] UKFTT 457 (TC) (6 December 2022) the FTT decided that a referral of a profit allocation dispute between a partner and partnership was invalid as being in substance about the amount of the partnership’s profits. The FTT also found that the referral was out of time and that it did not have the power to admit the referral out of time.
The taxpayer was a partner in PriceWaterhouseCoopers LLP (PwC) from July 2016. After being served with a compulsory retirement notice he retired from PwC in November 2018. The taxpayer claimed PwC had unlawfully discriminated against him in requiring him to retire.
In settlement of that claim PwC paid the taxpayer two amounts:
‘the balance of profit share’ for the period 1 July 2018 to 30 November 2018;...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
Partnership profit dispute referral timed out and invalid
In J Anderson v PricewaterhouseCoopers (HMRC third party)[2022] UKFTT 457 (TC) (6 December 2022) the FTT decided that a referral of a profit allocation dispute between a partner and partnership was invalid as being in substance about the amount of the partnership’s profits. The FTT also found that the referral was out of time and that it did not have the power to admit the referral out of time.
The taxpayer was a partner in PriceWaterhouseCoopers LLP (PwC) from July 2016. After being served with a compulsory retirement notice he retired from PwC in November 2018. The taxpayer claimed PwC had unlawfully discriminated against him in requiring him to retire.
In settlement of that claim PwC paid the taxpayer two amounts:
‘the balance of profit share’ for the period 1 July 2018 to 30 November 2018;...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")