The changes to LLP tax rules have been issued say Harris & Co accountants Northampton
The changes will make sure that a salaried member of a limited liability partnership (LLP) is treated as an employee of the LLP for income and corporation tax purposes. The new rules will apply at any time when an individual is a member of an LLP and three specified conditions are met. The legislation will also provide for a deduction for certain expenditure in respect of a salaried member’s employment that would not otherwise be deductible, subject to certain provisions that provide for disallowance on normal principles.
Meantime, changes to the National Insurance contributions legislation and related rules will be included in the National Insurance contributions Bill 2013 .