United Kingdom: National Insurance

The UK Supreme Court has ruled on a landmark case involving BlueCrest Capital Management and HMRC's salaried members rules, clarifying how LLP members should be classified for tax purposes. The decision examines whether portfolio managers and desk heads with significant operational responsibilities but limited formal governance rights can avoid being treated as employees for income tax and national insurance purposes.

When employers grant restricted securities to employees, understanding section 431 elections can significantly impact tax liabilities for both parties. This article examines how these elections work, the strict 14-day filing deadline, and demonstrates through detailed calculations why choosing to make this election could save substantial amounts in income tax and national insurance contributions.

The Supreme Court's landmark decision in HMRC v BlueCrest Capital Management establishes crucial guidance on when LLP members should be taxed as employees rather than partners, focusing on legally conferred governance powers over commercial influence. This ruling will fundamentally reshape how professional services firms, investment managers, and businesses structure their LLP arrangements and assess member status under the salaried members rules.

As we approach the end of the 2025/26 tax year, now is the ideal time to review your personal tax position and assess whether you are making full use of the reliefs and allowances available.

As part of measures to simplify and modernize the UK tax system, HMRC has announced payrolling Benefits In Kind (BIK), meaning that the tax and NIC on benefits will be collected real time through payroll rather than reported...

Welcome to our monthly update on current legal issues for trustees of DB and hybrid pension schemes, designed to help you stay up-to-date with key developments between trustee meetings...

Yesterday, the government announced adjustments to the tax rates for property, savings, and dividends to ensure, in its view, a fairer approach to taxing asset-driven income.

Any follower of British politics knows that every Budget Day arrives with a swirl of promises, pressures, and speculation.

In 1947 Hugh Dalton resigned as UK Chancellor when part of his Budget speech was leaked 20 minutes beforehand.