Legislation was passed by Parliament on 11 March 2008 enacting new regulatory and tax rules for limited partnerships. The Limited Partnership Bill, which was introduced into Parliament in August 2007 and reported back to the House by the Commerce Parliamentary Select Committee on 4 December 2007, was divided into two Acts at the final stage – the Limited Partnership Act 2008 and the Taxation (Limited Partnerships) Act 2008.
The purpose of the legislation is to provide a…