Rachel Reeves Considers 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), currently exempt as their income is classed as self-employed.
The current exemption is an "accident of history" and introducing new "partnership NICs" has been suggested.
- 190,000 professionals use LLPs as their business structure.
- Government borrowing has reached nearly £100 billion in the first half of the financial year.
Treasury insiders say the measure is being considered to close a multi-billion-pound gap in public finances, with pressure on Ms Reeves ahead of next month's Budget.
Author's summary: Chancellor Rachel Reeves weighs new tax on self-employed.
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