TaxPersonal TaxGovernment puts limited liability legislation on hold

Government puts limited liability legislation on hold

The government looks set to put limited liability partnerships on ice until the profession is independently regulated.

Competition minister Nigel Griffiths said there would be no limited liability legislation until there was a ‘proper debate’ in the Commons about the tax status of the Channel Islands and steps had been taken towards independent regulation of accountants.

Although the DTI denied this conflicted with earlier suggestions that plans for limited liability partnerships (LLPs) were imminent, the statement implies LLPs will be put on hold.

The Law Commission has already framed LLP legislation, and some sources expected the new laws to be enacted this spring.

There were also reports this week that DTI ministers were prepared to address ‘the entirely separate issue’ of changing the Companies Act to guarantee auditor proportionality. If such a principle were enshrined in the Act, which is being reviewed, auditors would no longer pay all the damages when companies fail after poor advice.

Related Articles

HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC urged to clarify impact of income allowances on Self-Assessments

Personal Tax HMRC urged to clarify impact of income allowances on Self-Assessments

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
Wealthy individuals could circumvent top tax rate rises

Personal Tax Wealthy individuals could circumvent top tax rate rises

4m Alia Shoaib, Reporter
Italy grants first successful non-dom status application to former UK non-dom

Personal Tax Italy grants first successful non-dom status application to former UK non-dom

4m Emma Smith, Managing Editor
Industry reaction: Taylor Review does not go far enough in addressing tax issues

Legal Industry reaction: Taylor Review does not go far enough in addressing tax issues

5m Alia Shoaib, Reporter
Does the Taylor Review sufficiently address the gig economy?

Corporate Tax Does the Taylor Review sufficiently address the gig economy?

5m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

5m Emma Smith, Managing Editor