Solicitors have urged the Treasury to rule out extending national insurance to limited liability partnerships (LLPs), amid mounting concern Chancellor Rachel Reeves may include the measure in the Autumn Budget
Reeves did not rule out the measure this week, in a Downing Street press conference where she set the stage for tax rises due to the ‘economic imperative’. The Law Society and City of London Law Society have both written to Reeves outlining their concerns.
Law Society vice president, Brett Dixon, said a ‘tax hike against LLPs… could harm one of the UK’s most globally competitive sectors.
‘There will also likely be an impact on legal aid firms, a significant portion of which are structured as LLPs. Often operating with tight margins, this could be a heavy blow to those firms.’
