Legal sector avoids damaging tax hikes
The Law Society welcomes the UK government's decision to not impose a new tax on LLPs, boosting the legal economy and supporting growth
Mark Evans, president of the Law Society, stated “The Law Society has been lobbying the government on behalf of our members to ensure that firms using LLPs will not face a new tax in today’s Budget.” He emphasised that leaders from across the professional services convened to warn the Chancellor about the detrimental impact of such a tax, as “the legal sector is already contending with major regulatory changes in anti-money laundering and compliance.” According to Evans, imposing additional financial burdens would hinder firms' capacity to invest, hire, and contribute to the UK economy, potentially causing serious ramifications. The legal sector is crucial, connecting various aspects of the economy, valued at nearly £60 billion, employing over half a million people, and generating significant export revenue. On another note, Evans pointed out the urgent need for investments in the justice system, remarking that “decades of neglect in the court system have resulted in huge court backlogs and chronic staff shortages.” He urged the government to act more decisively to ensure a functioning justice system.
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