From July, rules take effect which force some junior partners in professional firms to put up this extra amount of capital - as part of a package of measures from Her Majesty’s Revenue & Customs to crack down on tax abuse. Tom Wood, head of the professional services team at Barclays bank, says there has been a ‘vast increase’ in loan requests from professionals.
Tax abuse crackdown
The tax authorities expect to raise £3.3b in the next five years by cracking down on tax abuse in partnerships. Hogan Lovells has said that it has had to ask non-equity partners to contribute extra capital of between £60,000 and £100,000 each. Source: Financial Times
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