International firm Eversheds is the latest to ask partners to contribute capital following controversial changes to the taxation of limited liability partnership structures.
The firm is asking its 164 fixed-share partners to contribute 25% of their profit share.
The move follows a crackdown by HM Revenue & Customs to clarify the definition of LLP membership. The changes, which came into force last week, will mean some LLP members previously treated as self-employed will be taxed as employees.
Last week international firm Hogan Lovells said 65 of its non-equity members will contribute capital of £60,000-£100,000 each in response to the changes. The firm is asking partners to contribute the capital by July.
Bryan Hughes, chief executive of Eversheds, said: ‘We obviously had to act quickly to ensure that the capital payments were in place in line with the timescales set down by HMRC.’
However he said the firm had agreed with its fixed-share partners to ‘engage with them in an extended consultation to discuss these associated concerns in more detail’.
In 2012/13 Eversheds posted profits down 3.3% to £109.8 on a turnover up 2.9% to £377.4m, according to the firm’s UK Companies House filing.