AMID CONCERNS that the profession may have to go cap-in-hand to partners for extra capital, that succession planning may be impeded and capital reserves could be “decimated”, government guidance on the direction of travel on the taxation of LLPs has been eagerly anticipated.
The date of 17 February was widely mooted as the day such guidance would arrive, and yet here we are on 18 February none the wiser.
One theory doing the rounds is the loud shrieking from professional services has been shrill enough to genuinely affect the consultation – something many had taken to be lip service – while others suggest the government had simply meant the guidance would arrive sometime this week.
Either way, it’s not gone unnoticed, and with the changes due to take effect from April, it can’t be published soon enough.
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