The Supreme Court’s decision in HMRC v BlueCrest Capital Management (UK) LLP has generated considerable interest across the professional services sector. As the most important judgment on the limited liability partnership (LLP) salaried member rules since 2014, it provides welcome clarity on what constitutes genuine profit sharing and significant influence within an LLP.

Understandably, some commentators have suggested that the decision could have significant consequences for professional services firms structured as LLPs. In my view, those concerns are overstated.