Family LLP or not for rental properties?
I own 5 properties in my personal name for over 15 years (1.5 capital owned) and did not incorporate over section 24 a few years ago.
I am married and now have 2 kids. I am looking into setting up a Family Limited Liability Partnership to furtureproof the properties for my family and to aid in tax savings.
I have made profesional connections into this and been told around £10-15k will set this family LLP up and about the advantages in reduced tax and zero inheritance tax for the kids as they naturally take it over when I die. However, all sounds too good to be true so I'm reaching out for anyone who has set one up and their experiences and/or any professionals who can simply say yay it's not a tax avoidance scheme OR Och, watch out.
Thanks in advance.
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