Thank you for your question. As the other expert does not appear to be around, are you happy for me to answer it for you.
Thank you for your reply.
Accounting standard FRS 11 deals with impairment of fixed assets including tangible fixed assets.
More information on this is covered here
A devaluation in financial accounts does not necessarily mean that the reduction is offsetable against profits for tax purposes.
You would be able to offset the reduction when the property is eventually sold and then it would be a capital loss and fall within CGT and not income tax as profits of LLP are taxed under income tax rules and capital gains/losses under CGT rules.
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