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Ireland Fact-File Part 2:
Individual Business Domestic Taxation

2.6 Ireland Partnership Income Taxation

The tax treatment of general and limited partnerships

A partnership tax return must be filed by the ‘precedent' partner (the partner so named, or named first in the partnership agreement, if there is one), in parallel to the individual tax returns required of each partner. Income declared in the partnership tax return (Form 1 (Firms)) will be divided in accordance with whatever profit-sharing agreement is in place, and is then subject to taxation under the self-assessment system (where the partners are individuals), with each partner responsible for their own portion of the partnership's profits and losses.

Where a partner is a limited company, it will face corporation tax on its partnership income. There are no special rules governing husband and wife partnerships or companies, and partnerships can exist in practice without being officially defined as such, but this can present problems in terms of profit-sharing and the responsibilities of the various partners in the event of a dispute, so the drawing up of a partnership agreement at the outset is advisable.
 

Introductory Guides

Brief, clearly written summaries with links to relevant sections of the Fact-File. The Fact-File itself is linked in full below.

 

Fact-File

Part 1: Business Formation for Individuals

  1. Ireland Individual Business Structures
  2. Ireland Individual Business Registration
  3. Ireland Individual Business Registration Cost
  4. Ireland Individual Business Licensing
  5. Ireland Foreigners in Business
  6. Ireland Business Organisations
  7. Ireland Business Accounting
  8. Ireland Family Business Ownership
  9. Ireland Venture Capital
  10. Ireland Individual Business Franchises

Part 2: Ireland Individual Business Domestic Taxation

  1. Ireland Individual Business Tax Residence Rules
  2. Ireland Permanent Establishment
  3. Ireland Individual Income Tax Rates and Bands
  4. Ireland Personal Allowances and Business Deductions
  5. Ireland Husband and Wife Partnerships
  6. Ireland Partnership Income Taxation
  7. Ireland Limited Companies Income Taxation
  8. Ireland Business Profit Retention
  9. Ireland Business Losses
  10. Ireland Value Added Tax (VAT)
  11. Ireland Individual Business Capital Gains Tax (CGT)
  12. Ireland Individual Business Other Taxes
  13. Ireland Individual Artists Royalties
  14. Ireland Individual Business Tax-Efficient Profit Distribution

Part 3: Ireland Individual Business International Taxation

  1. Ireland Individual Business International Tax Liability
  2. Ireland Individual Business Withholding Taxes
  3. Ireland Double Tax Treaties

Part 4: Ireland Individual Business Tax-Efficient Structures

  1. Ireland Individual Business Trusts and Foundations
  2. Ireland Individual Business for Non-Residents
  3. Ireland Individual Business use of Offshore
  4. Ireland Controlled Foreign Corporation (CFC) Rules
  5. Ireland Personal Estate and Inheritance Planning

Part 5: Ireland Small Business Incentive Programs

  1. Ireland Small Business Support Schemes
  2. Ireland Training Incentive Schemes
  3. Ireland R&D Tax Credits
  4. Ireland Individual Business Tax Holidays

Part 6: Ireland Individual Business Employment Issues

  1. Ireland Individual Business Employer Responsibilities
  2. Ireland Employment vs Self-Employment Tax Issues
  3. Ireland Apprenticeship and Work Experience Schemes
  4. Ireland Employee Dismissal Rules
  5. Ireland Business Owner Employment and Invoicing Rules

Part 7: Ireland Business Owner Welfare and Lifestyle

  1. Ireland Business Social Security
  2. Ireland Business Domestic Pensions
  3. Ireland Offshore and International Pensions
  4. Ireland Individual Business Healthcare
  5. Ireland Individual Business Banking Services
  6. Ireland Education
  7. Ireland Individual or Business Leaving Ireland
  8. Ireland Domestic Real Estate
  9. Ireland International Real Estate