TaxAdministration‘Publicity-hungry accountants’ spreading ‘garbage’

'Publicity-hungry accountants' spreading 'garbage'

Sources close to the chancellor launch extraordinary attack on profession as trusts row escalates further

Suggestions that the clampdown on trusts will cause any hardship to
vulnerable people are ‘unadulterated garbage’, spread by ‘publicity-hungry
accountants and opportunistic Tories’, a source close to the chancellor has
said.

As the extraordinary row over trusts changes introduced in the Budget
escalated yesterday, with suggestions that up to five million life insurance
policies held in trusts could be affected by the move, The Times reported
sources close to 11 Downing Street hitting back at the criticism.

‘The suggestion that these proposals will cause any hardship to anyone
vulnerable is unadulterated garbage. All we have here is a group of
publicity-hungry accountants and opportunistic Tories spreading irresponsible
scare stories,’ the source is quoted as saying.

The comments will fuel the row over the move, after an unprecedented alliance
of different professional associations called for a delay to the moves
yesterday. The Low Incomes Tax Reform Group was included in the statement,
suggesting the government’s insistence that only the very wealthy would be
affected could be wide of the mark.

The Treasury itself said it was ‘irresponsible and misleading’ to suggest the
changes would have a widespread impact, adding that it would press ahead with
the plans when the Finance Bill comes out tomorrow.

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