Partnership advisers sound alarm over LLP tax raid

National insurance contributions on limited liability partners would raise less than the widely quoted figure of £1.9 billion, according to the latest body to raise concerns about the chancellor's reported budget plan. In a statement today, the Association of Partnerships Practitioners, which represents partnership advisers, echoes calls by law societies for the chancellor of the exchequer to consult before introducing a new tax on LLP profits. 

Speculation about Rachel Reeves' plans for LLPs continues to mount more than two weeks ahead of the 26 November budget. The Financial Times reported last week that Reeves has ruled out imposing full employer contributions but is mulling introducing a partnership tax at a lower rate than the standard 15%. The Law Society and City of London Law Society last week urged the government to consult before making any change.