Partnership Tax Advisory Hong Kong
Hong Kong partnerships — from professional practices to limited partnership funds — have unique tax treatment. Profits are taxed at the partner level, but IRD still requires a separate partnership return.
Partnership Tax Advisory
Hong Kong partnerships — from professional practices to limited partnership funds — have unique tax treatment. Profits are taxed at the partner level, but IRD still requires a separate partnership return.
⚠ Partnership Losses Cannot Simply Be Offset Against Personal Income
Many partners assume partnership losses reduce their personal income tax. In HK, partnership losses can only be offset against the partner's other partnership profits from the same firm — not salary or other income. This is a common and costly misconception.
您是否正面對以下稅務問題？
Separate Partnership Return
IRD requires a profits tax return for the partnership itself (BIR51) even though tax is paid by partners individually. Two-level compliance is required.
Profit Allocation Disputes
Profit-sharing ratios must be consistent with the partnership deed. Retrospective changes to reduce tax are challenged under s.61A anti-avoidance.
Salaried Partners
A "salaried partner" may actually be an employee for tax purposes. If IRD reclassifies, salaries tax and MPF apply — with back-payments due.
LPF Carried Interest Taxation
Under the LPF regime (from 2020), carried interest received by qualifying fund managers can be taxed at a concessionary rate of 0% for certain offshore funds.
適合對象
Accounting, legal, and medical partnerships with multiple partners.
PE funds structured as HK Limited Partnership Funds under the LPF Ordinance.
Family businesses operating as partnerships for succession and tax planning.
Joint venture partnerships for specific construction or development projects.
服務範疇
Partnership Profits Tax Return
Prepare the partnership's annual profits tax return (BIR51) and allocate assessable profits to each partner.
Partner Classification Review
Review partner status (equity vs salaried) to ensure correct tax treatment and avoid reclassification risk.
LPF Tax Advisory
Advise on Limited Partnership Fund tax structuring, carried interest tax concessions, and qualifying fund manager requirements.
Profit Allocation Optimisation
Review and optimise profit-sharing ratios and partner remuneration structure to minimise aggregate tax burden.
簡單、高效、專業
Partnership Deed Review
Review the partnership agreement for tax-relevant provisions on profit-sharing and partner roles.
2-3 daysTax Position Analysis
Analyse each partner's tax position and the optimal allocation structure.
3-5 daysReturn Preparation
Prepare partnership accounts, tax computation, and BIR51 return.
1-2 weeksPartner Notifications
Issue each partner their allocated profit figures for their individual returns.
1 day為真實客戶帶來真實成果
Law firm partnership — partner profit optimisation
- 12-partner firm
- Profit allocation rebalanced within deed
- Salaried partner reclassification avoided
- Annual aggregate tax reduced by 18%
PE fund LPF — carried interest structuring
- USD 80M LPF registered in HK
- Carried interest concession accessed
- Fund manager profit entitlement restructured
- 0% profits tax on qualifying fund income confirmed
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