At the end of February HMRC updated its guidance on the salaried member tax rules. The changes focus on Condition C, in connection with which many firms have asked their fixed share partners to make substantial capital contributions.
Many are worried that there may need to be a significant change in approach, particularly for fixed share partners. Other firms may only need minor changes, or to take very little action at all, but in all cases firms will need to assess their position and take tax advice. Either way, it is something else to add to managing partners’ to-do lists.
Clare Murray, managing partner of CM Murray LLP, quizzes LLP law expert Corinne Staves on these changes and the possible legal and practical implications for professional firms.
You can also read our bulletin on this topic here.
If you have any questions arising from this video or would like to discuss these changes in more detail, please contact Managing Partner Clare Murray or Partner Corinne Staves.
