The UK government is holding a consultation on how to change two aspects of its partnership tax rules, with the aim of preventing tax loss arising from when employment relationships are disguised through limited liability partnerships (LLPs) and from certain arrangements involving profit and loss allocation among partnership members.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap