City law firms warn against hasty LLP tax reforms

It writes: Influential legal group cautions Chancellor against recently mooted tax change, which could have highly deleterious consequences for English law’s standing as a driver of national prosperity.

Colin Passmore, chair of the CLLS, 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. The CLLS and its member firms stand ready to work constructively with HM Treasury to explore any perceived imbalances, but we strongly urge a period of reflection and engagement before such measures are introduced.”