LLP Revaluation Reserves - Distributable?
A client has been advised by a tax planning expert that they should invest property into an LLP.
The main advantages being sold to our client are: -
No double tax on exit; LLP interest uplift on death; and that revaluation reserves are distributable and can be used to return capital invested tax free.
I do not see that a revaluation reserve can be paid to the member as a return on their capital invested. Confirmation/correction appreciated!
Any other advantages/pitfalls not widely known?
- EC VAT codes in Sage 50 74 1
- LLP - Member leaving 173 6
- Whats the best way to keep my accounts? 713 21
- Year end 213 3
- tax credits 178 7
- Victor Meldrew morning 989 16
- Foreign income for self employed 156 2
- Is there difference between when you state you will provide a specific provison and you will make a specific provision of £3200 against a partcular debt? 278 9
- what time is it ? 161 2
- Error in 11-12 return done by previous accountant, do we have to offer them to correct or can I do and client reclaim cost 288 9
- Personal returns late information - when to get tough? 1,103 14
- Tax Return Deadlines 232 4
- accruals and prepayments please help anyone out there 592 21
- How would you account for warranty? 170 4
- Sage 50 Accounts - Opening Bank Account Balance Posted to Nominal 9998 Suspense Account 409 22
- Sweet Tooth 217 6
- CA self-employed income below personal allowance 192 2
- trading or dormant 132 2
- Goodwill ammortisation 149 1
- When will Private Principal Residence Relief cut will start? 580 11
- Desperately seeking Susan, Sam or anyone with any other name 890
- Experience with Islamic investor following Sharia-compliant rules? 520
- Darwinpay Partnership Assessment 332
- How to format a stock book 314
- Tax efficient holding company structure 249
- S464A Charge to tax: conferring benefit & BIK 244
- Investment property company accounts template 227
- auto enrolment - calculation of first pension deduction 193
- RTI and Annual Directors Salary 172
- Charge out rates in London? 153