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New queries, issue 4523

© Copyright LexisNexis 2024. All rights reserved.

20 October 2015

Issue: 4523 / Categories: Forum & Feedback

Easy extraction?; A museum piece; Property slice; CIS protection

Easy extraction

Advice is required on removing a company from a limited liability partnership.

My client is a limited liability partnership (LLP) with two individual partners (A and B) and a corporate partner (C Ltd). A and B are the shareholders of C Ltd.

A and B would like to wind up C Ltd because the rules that came in in April 2014 prevent them extracting profit tax efficiently from the LLP through C Ltd by way of dividends. However the balance sheet of C Ltd is causing me some confusion. The company has a £70 000 investment asset in the LLP and this is reflected in the £70 000 capital account of C Ltd on the LLP’s books. The rest of the LLP balance sheet has a debtor of £5 000 owed by the partnership to the company and there is about £15 000 in the...

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New queries, issue 4523

© Copyright LexisNexis 2024. All rights reserved.

20 October 2015

Easy extraction?; A museum piece; Property slice; CIS protection

Easy extraction

Advice is required on removing a company from a limited liability partnership.

My client is a limited liability partnership (LLP) with two individual partners (A and B) and a corporate partner (C Ltd). A and B are the shareholders of C Ltd.

A and B would like to wind up C Ltd because the rules that came in in April 2014 prevent them extracting profit tax efficiently from the LLP through C Ltd by way of dividends. However the balance sheet of C Ltd is causing me some confusion. The company has a £70 000 investment asset in the LLP and this is reflected in the £70 000 capital account of C Ltd on the LLP’s books. The rest of the LLP balance sheet has a debtor of £5 000 owed by the partnership to the company and there is about £15 000 in the...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Subscribe Now...

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.

Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.

Issue:

4523

Categories: Forum & Feedback [1]

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