Death of the Salaried Partner? Wide Ranging Changes to LLP Member Taxation To Come Into Force on 6 April 2014

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Wide ranging changes to the way in which LLP members are taxed are due to take effect on 6 April 2014. LLPs and their members, particularly those in professional service and private equity/fund management firms, should, therefore, consider the impact of the proposed changes well in advance of 6 April, as a great many “salaried partners” will be treated as “employees” for income tax and national insurance contributions purposes.

 

Topics:  Income Taxes, LLPs, Partnerships, Wages

Published In: Business Organization Updates, General Business Updates, Finance & Banking Updates, Insurance Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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