Legal Business

News in brief – December 2016

PARTNERSHIPS AT RISK IN AUTUMN STATEMENT

Chancellor Philip Hammond signalled a change to partnership taxation in November’s Autumn Statement, which is expected to impact law firm pay. Hammond said he will shake up profit-sharing arrangements, and according to UHY Hacker Young tax partner Roy Maugham, the government will propose that partnerships must decide their profit-sharing arrangements at the beginning of the tax year rather than at the end, regardless of how individuals perform.