The code of practice proposed by Treasury to help crack down on tax avoidance
will undermine the UK as a financial centre, critics from city law firms have
told the Daily Telegraph.
Michael Wistow, head of tax at City law firm Berwin Leighton Paisner, said
that the code would make the UK ‘a less attractive place to do business, which
cannot be helpful in these most difficult times and will further damage the UK
as a major financial centre.’
The code stipulates that banks be expected to follow the ‘spirit of the law’
as defined by HM Revenue and Customs rather than legal precedent.
‘All taxpayers, including banks, should be able to rely on the courts and
Parliament alone,’ he said.
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure
The Apple Tax situation; Accountants replaced by robots; and The Accountancy Age Top 50+50; all discussed by head of editorial Kevin Reed