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
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
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.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Does Darwin's theory apply to taxation? Colin ponders...