The Law Society of England and Wales is pleased the UK government
has listened to its concerns and will not be imposing a damaging
tax on limited liability partnerships (LLP).
“The Law Society has been lobbying the government on behalf of
our members to ensure that firms using LLPs will not face a new
tax in today's Budget,” said Law Society president Mark Evans.
“Leaders from across the professional services sector came
together this month to write to the Chancellor to warn against
such a measure and how damaging it would be for the UK economy.
“The legal sector is already contending with major regulatory
changes in anti-money laundering and compliance. Any additional
burdens would have created a perfect storm on firms' ability to
invest, hire, and contribute to growth, which could prove
damaging to the wider economy.”
The legal sector is a global powerhouse that connects every part
of the economy from the high street, regions and to the City. It
is worth almost £60 billion, employing more than half a million
people and exporting more than £9.8 billion in services.*
On funding the justice system, Mark Evans concluded: “Decades of
neglect in the court system have resulted in huge court backlogs
and chronic staff shortages. It is vital that investment is
provided to tackle these issues and the government needs to go
further and faster so that we have a functioning justice system.”
