Explanatory Notes

Limited Liability Partnerships Act 2000

2000 CHAPTER 12

20 July 2000

Commentary on Sections

Taxation

Section 11: Inheritance tax

This section inserts a new section in the Inheritance Tax Act 1984. This provides that for inheritance tax purposes the members of an LLP are treated as if they were partners in a partnership. This ensures that inheritance tax will be charged in respect of members’ interests in an LLP as it is in respect of partners’ interests in a partnership, and that business relief will be available on the same basis.