Taxing changes for firms.
Q: We are considering changing our business from a partnership to a limited liability company. Could...
Q: We are considering changing our business from a partnership to alimited liability company. Could you outline the tax implications of doing
this?
A: The tax implications of such a transfer are complex - careful timing
and sound professional advice should always be sought. The following
points should be borne in mind.
Excess profits can be sheltered from being liable to a corporation tax
rate of 20% compared to an Income Tax rate of 40% and
director/shareholders can protect their personal assets
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Liberty opens new proposition for retail sector
Liberty Specialty Markets has launched a bespoke proposition for mid to upper-midsized retail companies, flagging it is available via dedicated hubs in Manchester, Bristol and Dublin, supported by its London head office.
Aviva reveals further rise in prevented ghost broking fraud
Aviva detected more than 105,000 fraudulent insurance applications in 2025, with a growing proportion of this activity linked to ghost broking.
Hiscox highlights SMEs as it joins ChatGPT UK advert pilot
Hiscox UK has pointed to the changing “conversational” nature of insurance searches, including by SME owners, as it confirmed it is taking part in a pilot through agency partner Dentsu to explore advertising in ChatGPT.
People Moves: 1 – 5 June 2026
Follow the latest personnel moves in insurance.
Convex to launch UK MGA Kinetic in Q4
Specialty insurer Convex Group is planning to launch Kinetic Insurance Services, a wholly owned managing general agency that will start trading in Q4 2026.
HDI Global confirms Hunt as UK and Ireland CEO
Simon Hunt has been confirmed as the permanent CEO of HDI Global UK and Ireland having held the post on an interim basis since February.
Pen boosts yacht hull capacity by 50%
Pen Underwriting has increased its yacht hull limit by 50% to $/€15m with immediate effect.
Intact’s head of financial crime Sumner set to exit
Intact Insurance UK’s director of counter fraud and financial crime, Adele Sumner, will be leaving on 30 June after 27 years at the provider.