According to the Chartered Institute of Taxation, the bill, introduced to parliament last week, is not clear about the obligations of unregulated tax advisers. For those who are regulated by the Financial Services Authority for providing investment advice, there is a clear ‘failure to disclose offence’.
Experts in the UK fear anti-money-laundering measures in the UK may have ‘disastrous’ effects on people who have made ‘innocent’ errors in paying their taxes.
John Roberts, chairman of CIOT standards committee, said: ‘Our concerns remain that there should be a better definition in the bill to distinguish serious crimes from petty offences.’
The bill is intended to put tax advisers and accountants at the heart of the battle against terror by making it law that they report their suspicions to the National Criminal Intelligence Service.
Report argues that the government must change the way it makes tax and budget decisions
Committee expresses concern about costs to businesses and April 2018 implementation date
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Top 25 firm HW Fisher & Co has acquired London firm Rhodes & Rhodes