Rachel Reeves Weighs New Tax on Self-Employed Professionals
Chancellor Rachel Reeves is considering a major tax rise that could affect thousands of self-employed professionals, including GPs and lawyers.
The proposal would make Limited Liability Partnerships (LLPs) liable for employers' National Insurance Contributions (NICs), impacting around 190,000 professionals.
The current exemption is an "accident of history" and introducing new "partnership NICs" has been suggested.
- Partners in LLPs are currently classed as self-employed, exempt from NICs.
- The measure aims to close a multi-billion-pound gap in public finances.
- Government borrowing has reached nearly £100 billion in the first half of the financial year.
Treasury insiders say the measure is being considered ahead of next month's Budget, amid pressure on Ms Reeves to address the financial gap.
Author's summary: Chancellor Rachel Reeves considers new tax on self-employed professionals to address budget pressures.
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