Family Limited Partnerships
Brodies' private client team has an enviable reputation for developing bespoke, cutting-edge tax planning.
For situations in which a trust is not the best option, the team has developed the Family Limited Partnerships (FLP) as an alternative. We were recently commended for the innovation of our FLP structure by the Financial Times.
If you wish to gift more than £325,000 for an individual or £650,000 for a married couple or civil partners, there will be an immediate charge to inheritance tax (IHT) at the rate of 20% on the balance above these amounts. The FLP allows you to gift your assets without suffering this lifetime charge, importantly allowing you to retain control of the assets. For many individuals the element of control offered by the FLP is as important as the significant tax mitigation.
Please click here to download our Briefing Note on Family Limited Partnerships.
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