TaxCorporate TaxTax advisers unaware Crime Bill duties

Tax advisers unaware Crime Bill duties

Many tax advisers remain in the dark about their obligations to report money laundering under the Proceeds of Crime Bill.

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.

Links

Evasion bill risks ‘disastrous’

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2w Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2w Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

3w Alia Shoaib, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

1m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

2m Emma Rawson
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3w Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3w Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

4w Austin Clark, Reporter