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?
- VATable supplies 71 1
- How does one compete? 90 5
- VAT within EC 45 2
- Should small companies be audited? 1,013 42
- CIS? 247 7
- What does PITA mean? 610 15
- CGT base cost 408 15
- Help with small charity CT600 please!! 244 2
- Where has Portia gone? 8,900 143
- Late leaver notification 261 5
- Dividend and pension with no salary 332 4
- Accountex Exhibition 202 2
- Overseas Company 132 1
- You know you're an accountant when... 1,513 45
- Private use for Small hotel owner: historic rules 172 1
- Vat on solicitors charges 267 5
- Career change - how to get relevant experience? 1,089 11
- A little bit of politics 508 6
- Could i ask for a bit of help please. 381 6
- Filling in my self assessment 736 14
- Sanzar 461
- Digital marketing focus group 380
- Sage troubleshooting for employee who has previously claimed SMP 354
- Continuity Agreement 297
- Are commercial mortgage cashbacks subject to Corporation Tax ? 283
- Sainsbury's mangement 278
- Buyback 268
- Avanti Accounts 268
- Entrepreneurs' relief (ER) for EMI shares 205
- Iris and Miicrosoft 365 178