TaxCorporate TaxAvoidance users to face wrath of FSA

Avoidance users to face wrath of FSA

Sanctions await bank bosses who allow avoidance schemes

The Financial Services Authority is considering imposing sanctions on bank
bosses who overlook tax avoidance schemes in helping customers avoid paying tax.

Hector Sants, chief executive of the FSA, confirmed the issue would be
included as part of a consultation paper expected in the autumn, according
to
guardian.co.uk

Lord Turner, chairman of the FSA, said: ‘The whole overlap between tax and
regulatory arbitrage and the fit and proper test is one we are still thinking
about.’

In addition, he said tax avoidance is a complicated area, and the FSA is ‘not
a tax enforcement agency.’

HMRC said the department has good relations with the FSA, and will continue
to liase with the regulator over issues, including taxation for banks.

Further Reading:

FSA
should avoid ‘lengthy rule book’ says ICAEW

Wyman:
auditors should help FSA to avert future meltdowns

Related Articles

HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

20h Emma Smith, Managing Editor
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

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

3m Alia Shoaib, Reporter
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

3m Alia Shoaib, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

4m 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

4m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

4m Emma Smith, Managing Editor
OTS report: Corporation tax should follow accounts

Corporate Tax OTS report: Corporation tax should follow accounts

6m Alia Shoaib, Reporter
HMRC tax evasion assistance requests double in five years

Corporate Tax HMRC tax evasion assistance requests double in five years

6m Emma Smith, Managing Editor