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Blog - Published 16th March 2016

Budget 2016 Implications for the Legal Sector

budget-2016

Business rates boost, a National Insurance reform (that will be an increase!) and nothing to assist practice succession.

This weeks announcements, and previous announcements, by the Chancellor of changes coming into effect in the next 13 months further heighten succession problems for law firms. The sector, especially the smaller firms, are struggling to retain talent as they wait to succeed their elders. These problems have been caused by uncertainty and lower valuations expected for the partners’ retirement pots, together with the financial crisis from 2008 that the sector is still feeling the effect of and many of the provisions introduced by the Chancellor in the last couple of years.

In this commentary Peter looks at the Budget implications for retiring Partners, the Pension Commencement Lump Sum (PCLS), the Chancellor’s new Lifetime ISA, Class II “Stamp”.

“Unless you you are a law firm needs flood defences, not just to your finances, may attract fees from the Northern Powerhouse structuring, or from the transport and infrastructure promised, I see no long-term assistance coming your way any time soon from this Budget.”
Peter Noyce – Menzies Partner

Read Peter’s comments in full via the Law Gazette.

Read more about the implications of the Chancellor’s budget with Menzies summary and sector review.

Download the full summary here.

Download the Menzies tax rate card for 2016/17.

For more information about Menzies LLP or to talk to us about the impact of the 2016 Budget on your business and finances, contact your Menzies Relationship Partner or contact Menzies.

Comments written by Peter Noyce, Menzies Partner.

Peter is part of the Business Services sector team.

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Peter Noyce - FCA

Partner

Peter Noyce is a Menzies Partner in the Woking office specialising in legal firms, corporate tax advisory services and financial solutions.