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Taxing partnerships: The impact of proposed new UK partnership taxes

Colin Ives and Anna Jarrold discuss how proposed ?changes to UK partnership taxes could affect both ?you and your law firm

17 June 2013

As announced in the 2013 Budget, HM Revenue & Customs has issued a consultation on proposed new tax rules to counteract what they see as abuses of the tax regime for partnerships and limited liability partnerships (LLPs). These proposals, if enacted in the form proposed, could leave many professional practices facing some tricky choices over the next few months.

Stimulus for change

Before the advent of the LLP, partnerships were primarily used by professional service firms and not by the wider business community due to the potential for unlimited liability.

Partnerships and LLPs are uniquely flexible business vehicles and it is perhaps no surprise that those putting together ?tax schemes in recent years have used these partnership structures to achieve the 'tax magic' that they sell to participators. The danger of any changes is the impact upon those who have legitimately used these structures as the best vehic...

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