Non-equity partners will be forced to take on a proportionally higher degree of financial risk than their more senior colleagues as a result of the crackdown by the UK's HM Revenue & Customs (HMRC) on the taxation of limited liability partnerships (LLPs). Changes to the way HMRC will determine the employee status of partners at LLPs from 6 April mean new and existing salaried or fixed-share partners will have to make capital contributions of at least 25% of their annual earnings to their firms.
February 27, 2014 at 06:48 AM
1 minute read
The original version of this story was published on Legalweek
Non-equity partners will be forced to take on a proportionally higher degree of financial risk than their more senior colleagues as a result of the crackdown by the UK’s HM Revenue & Customs (HMRC) on the taxation of limited liability partnerships (LLPs).
Changes to the way HMRC will determine the employee status of partners at LLPs from 6 April mean new and existing salaried or fixed-share partners will have to make capital contributions of at least 25% of their annual earnings to their firms.
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