Thin end of the wedge? LLPs brace for major tax overhaul Tax The maths genius behind trading firm XTX, Alex Gerko, stands high in the rankings of Britain’s top taxpayers, having paid more than £330m to HMRC last year. For good measure, he also handed out more than £150m to charities and good causes in 2025, focusing on education and supporting talented math graduates to pursue PhDs [...]
UK ‘no longer a serious place’ says Hedge fund boss after losing £200m tax battle Tax Hedge fund Bluecrest Capital Management, founded by the UK’s wealthiest financier, said the UK is no longer “a serious contender” as a place to do business after it lost a £200m battle with the tax man, in a ruling that could now leave the wider hedge fund and professional services industries facing a hefty bill. The [...]
UK’s wealthiest financier Michael Platt’s hedge fund in high-stakes tax fight Legal Hedge funder BlueCrest Capital Management, founded by the UK’s wealthiest financier, Michael Platt, will appeal at the highest court this week over a tax battle with HMRC. The case centres on the salaried members’ rules, which determine if limited liability partnerships (LLP) members are genuinely self-employed or ‘disguised employees’ for tax purposes. HMRC issued determinations [...]
Autumn Budget: Professional services sector dodged ‘damaging’ tax hikes November 26, 2025 The professional services sector breathed a sigh of relief after dodging tax hikes on LLPs in Rachel Reeves’s Autumn Budget. It was rumoured that Reeves was looking to add a layer of tax on limited liability partnerships (LLPs), a move that sparked a flurry of anger from the broader professional services industry, including the legal [...]
LLP U-turn: Law Society demands ‘absolute clarity’ plan is off the table November 14, 2025 The professional services sector will breathe a sigh of relief as one of her reported rollbacks includes crossing out plans to target limited liability partnerships (LLPs) for tax. The LLP model, used by professional services such as law firms, accountancy, and some doctors (GPs), came into force 25 years ago, which does not pay corporate [...]
Reeves’ LLP tax proposal will undermine ‘cornerstone of UK economy’ November 10, 2025 A professional services trade body warned that Rachel Reeves’ proposed increase in NICs for LLPs could lead to widespread conversion to limited company structures, undermining a successful British business model. The limited liability partnership (LLP) model, in which members (known as partners) invest their own capital in the business, was introduced 25 years ago and [...]
Lawyers warn Reeves: Don’t destroy £60bn industry over LLPs gambit November 4, 2025 The legal industry has slammed Chancellor Rachel Reeves’ proposed tax hike on LLPs, saying the move “could harm one of the UK’s most globally competitive sectors.” As she aims to fill the fiscal black hole, Reeves is reportedly targeting limited liability partnerships (LLPs) for a tax raid for the first time. The LLP model, used [...]
Lawyers to rethink personal tax structures as Reeves set to target LLPs October 28, 2025 Chancellor Rachel Reeves’s proposed tax raid on LLPs may force partners to work longer or reconsider their retirement plans, with significant financial implications for many professionals. It was reported last week that Reeves is targeting limited liability partnerships (LLPs) in a tax raid as she tries to fill a fiscal black hole. The proposed 15 [...]
Reeves’ LLP tax raid will trigger an exodus of family doctors October 24, 2025 Rachel Reeves plan for a tax hike on partnerships will decimate the GP workforce – and her government’s plans to turn the NHS around, says Katie Collin We’re now a month nearer to Reeves’ second Autumn Budget, and the speculation has come thick and fast. But of all the tax raids potentially on the horizon [...]
Treasury’s LLP tax proposal could add £46,000 burden per partner October 23, 2025 Law firms’ partners could face an additional £1.4bn in tax each year if the Treasury goes ahead with imposing a 15 per cent rate of national insurance contributions on LLPs. According to data provided by HMRC to UHY Hacker Young, partners of law firms made a total of £9.2bn in profits in the latest year. [...]