Published On: 14 June 2013
HM Revenue & Customs has recently published a consultation document in respect of proposed changes as to how partnerships, in particular Limited Liability Partnerships (LLP), are taxed. The main focus of the consultation is as follows:
- The use of LLPs to disguise employment relationships.
- Manipulation of profit/loss allocations by partnerships that include a member that is a company, trust or similar vehicle to secure tax advantages.
If this affects you and you require any tax advice on this matter, please contact either Stewart McKinnon, Catherine Sinclair or Wendy Cheung.