TaxCorporate TaxE&Y calls for delay to disclosure regime

E&Y calls for delay to disclosure regime

The Law Society's guidance advising solicitors that they do not need to disclose tax avoidance schemes to the Inland Revenue 'runs a coach and horses' through the legislation, according to Ernst & Young's head of tax, Aidan O'Carroll.

Link: Tax avoidance row escalates

‘The new regime calling for early disclosure of tax schemes is now set to fail,’ said O’Carroll. ‘The entire tax avoidance industry will now move to the lawyers…It is completely unacceptable that the application of the regime depends upon whether tax advisers are practising as part of a law firm or as part of an accounting or other firm. This is both irrational and anti-competitive.’

O’Carroll has called for a delay in the start of the regime until there is a level playing field.

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