An limited liability partnership (LLP) client wants to convert to a normal partnership. What would be the main tax considerations? The only LLP asset is a lorry. Both partners have drawings in excess of profits and trade would continue the same with same partners. 

Arthur Weller replies:  

Generally, a LLP is transparent for tax purposes, so that the actions of the LLP are considered to be the actions of the partners. There is an exception to this where a liquidator is appointed on a winding up of the LLP. But on an informal winding up, without the appointment of a liquidator, this does not apply. See HMRC’s manual. So there should be no capital gains tax issue for what you are planning.