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This Practice Note considers specific tax provisions relevant only to a Limited partnership formed under English law (as opposed to a general Partnership, a limited liability partnership (LLP) or a limited partnership formed under Scottish law).

Like a general partnership, but unlike an LLP, a limited partnership is not a body corporate but is a relationship between its partners. As it is a type of partnership and not a body corporate, it is treated for most tax purposes in the same way as a general partnership. In particular, a limited partnership is not taxable in its own right. Instead the partners are taxable on their share of the partnership's profits and gains (or can claim relief for their share of its losses), whether or not the profits and gains are distributed to the partners. This is sometimes referred to as tax transparency; the legislation 'looks through' the limited partnership to tax the underlying partners. For more information, including how to identify a partnership, tax computation, taxation of partnership profits and allocation of profits and losses, see Practice Note: Taxation