Law firms have criticised Rachel Reeves’s plans to implement a new 15pc tax on profits made by Limited Liability Partnerships as ‘short-sighted’ - Jordan Pettitt/PA Wire Partners at London’s “Magic Circle” law firms face paying at least £250m more in tax under Rachel Reeves’s plot to raid accountants and lawyers. Plans to place a new 15pc tax on profits made by Limited Liability Partnerships (LLPs) would see the tax bill for partners at London’s top corporate law firms increase from £1.78bn to £2.04bn, a ...