A round-up of what the UK government’s latest budget means for the legal sector.
Limited liability partnerships tax dropped
The chancellor has listened to our members’ concerns and will not impose a damaging tax on limited liability partnerships (LLP).
There was speculation in the media that the chancellor may use the autumn budget on 26 November to expand national insurance on those employed through LLPs.
This tax would have penalised LLP law firms and was unlikely to raise anything near the sums predicted.
Our president, Mark Evans, commented: “The legal sector is already contending with major regulatory changes in anti-money laundering and compliance.
“Any additional burdens would have created a perfect storm on firms’ ability to invest, hire, and contribute to growth, which could prove damaging to the wider economy.”
We brought together leaders of the UK's professional services sector to urge the chancellor to reconsider the LLP tax proposals.
We are pleased to see our lobbying efforts were successful and the chancellor not gone ahead with the proposed measure.
Disclaimer
This article is intended for general information purposes only and does not constitute legal advice. For advice specific to your situation, please contact our team at T & M Legis for a consultation with our Legal Experts.
