The White-Collar Tax Revolt: ‘Reeves will take more than we keep’
25th October 2025
However, those who have earned their partnership now find themselves in Rachel Reeves’s crosshairs as the chancellor battles to shore up the public finances in her November budget.
Reeves is considering a £2 billion tax raid on limited liability partnerships (LLPs), it emerged last week, in a bid to make the tax system fairer and shift the burden towards the wealthy. LLPs allow their members’ personal assets to be protected from the business’s debts and obligations; they are only liable for any money they have invested, not what the partnership owes. In a traditional partnership, the full burden of its financial obligations falls on the partners.