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?

Many thanks

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The concept of distributable profits...

MBK |