CG27200 - Partnerships: Partnership assets

Determining whether or not assets are partnership assets or whether they are assets that are used by the partnership but owned by one or more of the partners may not be straightforward.

In this guidance the term partnership assets' is used to describe assets which are owned by the partnership as such. The term other assets’ is used to describe assets used by the partnership which are owned by one or more of the partners but not by the partnership itself.

There are no hard and fast rules to identify what are partnership assets and what are other assets. Each case will depend upon its own facts, any documentary evidence and the intentions of the partners. For example, the fact that only one of the partners paid for and took title to the assets would suggest they would be ‘other assets’. However, if all the partners intended them to be partnership assets it may be appropriate to treat them as ‘partnership assets’.

Further guidance is available at BIM82058.

Scottish Stock Exchange

Assets held by a member firm of the Scottish Stock Exchange Association are not regarded as partnership assets. They are treated as assets to which the individual partner who provided them is absolutely entitled as against all the partners holding them for him as bare trustees, see CG34300.