THE MAJORITY of the top-25 UK firms have pledged funds to fight for the extension of legal professional privilege, Accountancy Age can reveal.
Prudential's battle against handing over details of tax advice it received from PwC to the taxman will be heard in the Supreme Court.
The ICAEW, which is taking part in the proceedings, has gained pledges from most of the UK 25 biggest firms for a war chest towards fighting the case. The fund will go towards Prudential's legal fees, Accountancy Age understands.
ICAEW technical manager Ian Young said the firms were supporting an important issue.
"We thought it was a matter for general concern, and them supporting [the Prudential] financiallyshows they agree with us," said Young.
"It will remain an important issue in relation to changes to the legal services market. Generally it's the government's intent not to have anti-competitive things in place in the legal marketplace."
The hearing is expected to take place towards the middle of 2012.
Picture credit: Jaume Meneses flkr photostream
I would have though Prudential even after the AIG debacle is sufficiently robust to pay its own fess.
Posted by: John, 14 Jul 2011 | 12:44
Max also thinks the Prudential has deep enough pockets to finance its case.
Posted by: Max B Gold, 15 Jul 2011 | 00:49
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