Thank you for the absolutely fantastic posting Howard.
You’re welcome Peter. I learn so much here, about my plane and aviation generally. It’s nice to be able to give even a little back.
I believe the reason the OP set-up an Ltd. to hold the plane is that he is not a EU resident nor citizen, thus he cannot register the plane in his name in the UK.
That’s WHY he set-up the Ltd.: to serve as a sort of trust .
What are the solutions for a non HMS, non-EU resident owning a UK reg’d plane ?
Howard, many thanks for the lengthy, thoughtful post!
WhiskeyPapa, you’re welcome of course. This place is about sharing our knowledge and I learn much more from this place than I contribute.
Howard
…and I may been wrong when I quote in my long post above, that the pilot bears all liability when he causes an accident. It seems that there may in fact be a benefit from a sole owner putting his plane inside a company :
My post on liability as per the BBC New website
Howard
In this regard an LLP may hold some advantages, as well as a simplified tax position
Neil, I agree.
However, in my experience, it’s almost the case that only accountants and lawyers understand how LLPs work, and then only some accountants (most I hope) understand how LLPs are meant to properly prepare their accounts. I worry about LLPs in the hands of the members. For instance, I have seen too many LLP accounts mirroring their LLP agreements wherein losses are said to be ‘automatically allocated between the partners’….which seems by me and others to be fatal to the applicability of the first L in the LLP – not limited at all in fact. I think the structure is simply too complex for many people.
H
Howard, as you say LLPs are not intuitive particularly as regards allocation of losses or profits between members. Or with respect to drawings having nothing per se to do with the income you receive from them. But they do work well in aviation if you have the right advice as their flexibility can be very helpful. Most of the budgetary attacks of LLPs are not related to anything relevant to aviation eg salaried or corporate partners.
Michael wrote:
I believe the reason the OP set-up an Ltd. to hold the plane is that he is not a EU resident nor citizen, thus he cannot register the plane in his name in the UK.That’s WHY he set-up the Ltd.: to serve as a sort of trust .
What are the solutions for a non HMS, non-EU resident owning a UK reg’d plane ?
Can anyone respond to this question ?
