LLP property development sales Income Tax

[sid101]

Four partners set up an LLP (2 Brothers) (Mum & Son different family) Have converted a commercial property into 9 flats and are now looking to sell. What is the tax implication if the two brothers take a flat for their own use and the mum and son take a flat for their own use. How would this be treated for Income tax, CGT etc

Any advise is much appreciated.

[section 44]

What did the LLP intend to do with regards to the property at the time of acquisition? What has the LLP actually done with the property?

Have all of the individuals been actively involved in the decision making progress of the LLP?

[sid101]

Intention was to sell. Property is still under construction. Partners thinking of taking flats for own use then sell at a later date for tax purposes. Is this allowed?

Some members funded the project and others managed the build. Does it matter if they were active?

[section 44]

Partners thinking of taking flats for own use then sell at a later date for tax purposes. Is this allowed?

It is indeed.

Intention was to sell. Property is still under construction.

There's a disposal for income tax purposes of part of each flat for deemed market value consideration.

Does it matter if they were active?

Is the LLP a collective investment (sounds like one)? If not, why not? If so, does it have an authorised operator?

[sid101]

Thanks.

Whats the Tax implication? By me taking a flat would that be regarded as a 'sale' just as if Isold it to a third party?

Could I take a flat, live in it, sell it and use personal home allowance or will this get messy??

or

Take a flat and sell it and use CGT allowance

[section 44]

Whats the Tax implication? By me taking a flat would that be regarded as a 'sale' just as if Isold it to a third party?

Yes.