HMRC has issued revised guidance notes for taxing LLP members. George Bull and Malcolm Cook consider whether the taxman listened to the profession’s concerns
Following the publication of the draft Finance Bill 2014 provisions on 10 December HMRC promised a revised technical note and guidance on the salaried members rules in mid-February. And it eventually delivered but not until late on Friday 21 February.
The rules will tax salaried members as employees which will have a dramatic impact on those individuals and their firms. LLPs whose members will be affected must now decide how to ensure that their members continue to be taxed as ‘true partners’ to quote HMRC.
The proposed changes have been...
