According to a Legal Week report, the French government is expected, in the near future, to recognise UK LLPs (Limited Liability Partnerships) as tax transparent.
Under current rules, because UK LLPs were not covered in the 2004 double tax agreement between the United Kingdom and France, profits afforded to French partners working at such firms are taxed twice.
Speaking to the legal news service, an unnamed Paris tax partner at a leading UK law firm confirmed that:
"The issue has been around for a couple of years but we are now expecting something official by the end of the year. Although nothing is finalised, we are 90% certain that UK LLPs will become transparent."
The expectation that the Ministry of Finance will act soon to address the situation has been welcomed by many of the UK's law firms with operations in France, including Freshfields Bruckhaus Deringer, Ashurst, and Herbert Smith.
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