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.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states