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This guidance note explains how trading profits are assessed to tax on individual partners following the calculation of trading profit for the partnership (see the Trading profits of a partnership guidance note) and the allocation of the profit to individual partners (see the Allocation of partnership profit or loss guidance note).

For a discussion of how other partnership income and capital gains are assessed on partners, see the Taxation of other income of a partnership and Capital gains of a partnership guidance notes.

Although the calculation of the taxable trading profits of a partnership is calculated at partnership level, the actual tax liability is assessed on the individual partners and the calculation will depend on what type of partners they are, eg individuals or corporate bodies.