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Why a mixed partnership failed to claim the AIA
KEY POINTS
- A limited liability partnership with a corporate member claimed the annual investment allowance.
- Two arguments put forward by the taxpayer were wrong.
- The taxpayer ran his business through the limited liability partnership.
- The taxpayer could have claimed writing down allowances.
In Drilling Global Consultant LLP (TC4003) a limited liability partnership (LLP) was denied the annual investment allowance (AIA) on upgrading an aircraft on the basis that its members were not all individuals. The result is a straightforward application of the capital allowance legislation.
However the arguments put forward by the LLP are of some interest as well as being totally wrong.
Background facts
Drilling Global was incorporated in 2007 as an LLP with two members: Dr Thorogood a professional drilling engineer working in the oil...
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