I know the IOM for example has no Benefit in Kind, so you can Ltd-Company-own a plane, and not get attacked for having a private access to it. But this doesn't work if you are mainland resident.
But even on the mainland, you just own via a LLP and the same is achieved.
No its' not. Not a simple answer like that. This is always a topic with many angles.
Well I have looked into the subject extensively. There is no such thing as B-i-K with a LLP.
I give you three words the HMRC are keen on.
Controlled Foreign Companies
Indeed! Although doing it for regulatory reasons rather than tax reasons is not a problem.
Jason is right, LLPs are transparent for tax purposes. The issue is how do you get the money into the LLP from your business. It is difficult to do this unless its tax paid, or a loan with tax to pay on the interest
There isn't BIK on an LLP, but the use of an LLP has other issues. Look up the requirements for an LLP to be a valid structure (for liability limitation) and compare them with the requirements for a Ltd Co to be a valid structure (for liability limitation). The last lawyer I know who looked into this found an LLP isn't a valid structure unless it is running a viable business plan to make a profit.
Running a viable profit-making business is important for other reasons including VAT, but I don't think the LLP issue is as simple as that. There is very little evidence of them being a problem for liability.
Ultimately of course, insurance is your friend in that respect.
And yes Neil, I agree, none of this is really allows for tax-free aircraft. VAT is the only real possibility but this is now very carefully reviewed by HMRC and you can't get VAT numbers for hobby aircraft.
We have insurance to limit our liability, as I said how can you get the money to buy an aircraft out of your business unless you take it as income/dividend or a loan
I don't think you can.
