The recent budget's omission of LLPs from the employer national insurance contributions hike allows high-earning lawyers to avoid contributing, depriving the Treasury of billions.
Notably, members of limited liability partnerships, often earning over 1 million annually, will continue to pay lower contributions, a situation causing discontent among other businesses.
With the NIC increase set to raise 25bn a year, there’s significant frustration from businesses that claim they must cut jobs or increase prices due to this burden.
Tony Williams noted that had LLP partners been included, potential tax raises from the City’s top law firms could have reached billions, reflecting substantial revenue loss.
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