Talk of LLP Tax Raid Cools After 'Speedy' Lobbying Effort

U.K. lawyers are breathing more easily following reports that Rachel Reeves is no longer expected to increase the national insurance contributions of LLP members in this month's budget.

According to the Financial Times, Reeves has decided not to implement a policy that was initially thought to raise £2 billion due to a higher-than-expected level of pushback.

The City of London Law Society is seeking further clarification on the matter, Colin Passmore, chair, said in a statement: “We are encouraged by recent indications that this proposal may not proceed. If that is the case, we would welcome the Government’s responsiveness to the serious concerns raised by the profession. Clarity on this point would be extremely helpful to avoid unnecessary uncertainty across the sector.”