Autumn Statement 2013 – Corporate Members of LLPs

Back in June, I tipped about HMRC’s plans to scupper the artificial transfer of profits and losses within LLP’s into and out of the hands of corporate members.

Unsurprisingly, what started as consultation had now reached finance bill status, as announced last Thursday by our George.

The transfer of ‘excessive’ profits is outlawed with immediate effect.

There is still some time for individuals to take disproportionate shares of losses.  Rules preventing this ruse do not come in until 6th April 2014.  So, hurry up.