Sean Bannister comments on the Chancellor's plans for the forthcoming budget

Sean Bannister recently spoke to the Financial Times on the Chancellor’s plans to add national insurance to the tax bills of some UK professionals in November’s Budget.

Lawyers and accountants have criticised plans being considered by Rachel Reeves to make partners pay more tax through national insurance contributions, arguing that such a raid would hit a cornerstone of the UK economy.

The chancellor is preparing to add national insurance on to the tax bills of some UK professionals, which the Centre for the Analysis of Taxation (CenTax) think-tank has estimated would affect some 200,000 people and raise £1.9bn a year…

…Sean Bannister, chartered tax adviser at law firm Edwin Coe, said Reeves’ proposal “misunderstands partnerships”, which often “have their own capital at risk”.

“To target them again would deal a heavy blow to firms already managing rising costs,” he said.

You can read the full article on the Financial Times’ website (subscription required)

Sean’s comments have also been reported in:

• The Law Society Gazette: Chancellor poised to end LLP tax breaks for lawyers
• CityAM: Lawyers sound alarm over Rachel Reeves’ proposed tax target on LLPs
• Law.com: ‘Crude’ and ‘Unfair’: Lawyers React to Reeves’ Expected Tax on LLPs