New Tax Rules for Mixed Member Partnerships
Due to perceived tax avoidance involving individuals in mixed member partnerships, as part of his Autumn Statement delivered in front of parliament early last month Chancellor of the Exchequer George Osborne outlined new legislation to be placed into effect from April 2014, set forward to tax the profit split in these partnerships more evenly.
Speaking via the Autumn Statement itself, George Osborne states that, "the government remains committed to ensuring that those with the most pay the most," which includes , "...acting to prevent large professional partnerships and wealthy individuals concentrated in private equity from abusing the rules on compensating adjustments in the transfer pricing code."
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