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Protecting my assets in an LLC

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Hi I have got a Building Plot which I bought years ago for peanuts which has now become very valuable and was wondering if I could protect that asset against any possible future litigation by transferring it into a dormant LLC which I would also own For 'Nil Consideration' where no money Changes hands

Out of interest I have looked at other advice Web Sites and there seems to be a lot of confusion surrounding this issue, where many think it can be easily done but if I did so would I have to pay Stamp Duty?

Not being an Accountant, I'm finding the Gov Website quite hard to understand and their helpline seems to be busy all the time, although it does look at least to me anyway that Stamp Duty may be payable

Should that turn out to be the case, is there any other way of protecting my assets, as my knowledge of accountancy is Zero

Thanks in advance for your help

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By SXGuy
05th Aug 2019 08:58

My suggestion, is to telephone a professional accountant and pay for their advice, rather than asking an open forum and relying on anyone and everyone giving their "free" advice.

Also, please read the terms of the site, as it clearly states this is a site for professionals to discuss accounting matters, not a website which gives free advice to tax payers.

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By paul.benny
05th Aug 2019 09:30

I'm curious about the desire to protect from litigation and why you think there is a risk.

You might want to take legal advice as to whether transferring property to an entity that you control actually does provide the protection you seek.

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By oberon
05th Aug 2019 09:44

Looks like I am on the wrong Forum as this appears to be for professionals only

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Replying to oberon:
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By Tax Dragon
05th Aug 2019 10:39

You talk as if professionals are folk to be avoided.

Shame, as you could do with some (legal and tax) on board right now.

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By David Treitel
05th Aug 2019 17:43

LLCs are rarely used here in the UK; but commonly used in the United States. This article addresses UK tax aspects: https://www.taxadvisermagazine.com/article/certainty-uncertainty

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