Former Halliwells partners divided over HMRC tax rebate cut-off
Tensions are rising among former Halliwells partners after a decision was made to limit the number of ex-partners eligible to seek a tax rebate from HM Revenue & Customs (HMRC). Former members of the defunct firm are in negotiations with HMRC about the taxable profits and losses of Halliwells during the financial year ending 30 April 2010 and for the period up to its collapse on 20 July that year. Some partners are seeking to offset the law firm's losses against tax either owed or paid on their earnings.
February 16, 2011 at 07:38 PM
2 minute read
Tensions are rising among former Halliwells partners after a decision was made to limit the number of ex-partners eligible to seek a tax rebate from HM Revenue & Customs (HMRC).
Former members of the defunct firm are in negotiations with HMRC about the taxable profits and losses of Halliwells during the financial year ending 30 April 2010 and for the period up to its collapse on 20 July that year. Some partners are seeking to offset the law firm's losses against tax either owed or paid on their earnings.
However, a letter sent out by former managing partner Jonathan Brown at the end of last month on the advice of accountants states that only those partners who were at the firm on 1 May 2010 will be eligible for terminal loss relief. This has frustrated some who left Halliwells before this point and believe they should be eligible.
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