Lawyers warn Reeves: Don’t destroy £60bn industry over LLPs gambit

The City of London Law Society revealed today that it has written to the Chancellor to express concern over reports on an LLP tax, echoing the Law Society’s concerns.

Colin Passmore, chair of the City of London Law Society, said: “We fully understand and support the government’s objective of ensuring that everyone pays their fair share of tax.”

“Our concern is that these particular proposals appear to have been developed without sufficient consultation or clarity as to their scope and risk undermining one of the UK’s most successful exports: English law,” he added.

Passmore also highlighted that English law “is a high-growth, high-value sector that underpins the UK’s global reputation for the rule of law.”

These statements come after Reeves’ pre-Budget speech on Tuesday morning, where she refused to rule out such tax rises ahead of the Autumn Budget on 26 November.