Reeves eyes NIC raid

Rachel Reeves is gearing up for another billion-pound raid on National Insurance Contributions (NICs) as the Chancellor finds ways to plug a huge fiscal black hole in November’s Budget.

Reeves is understood to be drawing up plans to extend NICs taxes to include limited liability partnerships or LLPs, to whom the tax does not currently apply, in a move expected to raise as much as £2bn for the exchequer.

The plans, which were first reported by The Times, mean major tax hikes for around 200,000 workers who use LLP corporate structures. Lawyers, GPs and fund managers, who often belong to LLPs, are likely to be hardest-hit by the move because the structure currently treats them as self-employed, disapplying employer NIC obligations.

The potential changes follow a major

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