UK:
Budget 2013: Professional Practices Tax Changes
21 March 2013
Smith & Williamson
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The chancellor's statement today has included, as expected,
an announcement that there will be a consultation document on the
taxation of partnerships:
The Government says it will consult on measures to:
- remove the presumption of self-employment for limited liability
partnership (LLP) partners, to tackle the disguising of employment
relationships through LLPs; and
- counter the artificial allocation of profits to partners (in
both LLPs and other partnerships) to achieve a tax advantage.
A consultation document will be published with proposals to
address both issues in the spring, with legislation to be
introduced in Finance Bill 2014.
There are other tax changes that have immediate effect that may
affect partnerships and LLPs with corporates in their
structure.
All professional firms will need to review their structures and
internal arrangements.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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