Rachel Reeves should end national insurance loophole for law firms | Letters

It’s time to change the rules for partners in some of our top law firms, says David ReedThe chancellor and prime minister are wringing their hands at the painful choices they must make to balance the country’s finances now they’re quite rightly unable to make the most vulnerable disabled people shoulder the burden (How to balance the UK books: six options open to Rachel Reeves, 4 July). Perhaps it is time to resurrect an idea circulating before last autumn’s budget: change the rules on national insurance (NI) contribution rates for LLP (limited liability partnership) partners to bring them into line with company employees.As reported in the Law Society Gazette in November last year, closing this NI “loophole” could have raised £4bn from just the four “magic circle” LLP law firms. This would seem compatible with Labour’s manifesto pledge not to raise tax or NI on workers, but maybe this would upset too many of Keir Starmer’s rich lawyer cronies? Continue reading...

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