Kennedys has become the latest UK firm to call on its fixed-share partners (FSPs) to make a 30% capital contribution in light of HM Revenue & Customs’ (HMRC’s) decision to overhaul the way salaried partners are taxed, giving the firm some ‘headroom.’
The top 30 UK firm was in consultation with its partnership in January, which went to a vote, after which the firm decided its FSPs should contribute 30% of their earnings, 5% above the amount required under the new HMRC rules.
