One partner owns an asset which he has previously owned personally. Partners agree that that they would like to purchase the asset for the partnership at an agreed market value.
For AIA purposes does this fall foul of both the related parties and previous use restriction or does the 'commercial' nature of the transaction overide one or both?
Ignoring the above specific scenario could someone definitively tell me whether membership of an LLP is related to other corporate activities controlled by a member (for AIA purposes)? In HMRC guidance it says explicitly that an individual does not have to consider corporate and non-corporate activities in this respect by an LLP is incorporated so I am not sure.
Many thanks as ever!