TaxCorporate TaxMinisters approve tax disclosure changes

Ministers approve tax disclosure changes

Ministers have today approved amendments to the tax avoidance disclosure rules to ensure lawyers and accountants operate on a level playing field and solicitors Legal Professional Privilege can be circumvented.

Link: Revenue heads off clash between professions

As revealed by Accountancy Age the Inland Revenue handed paymaster general Dawn Primarolo a draft Statutory Instrument late last week.

The implications would mean that the burden of disclosure will be handed to lawyer’s clients or allow clients to waive their LPP and allow lawyers to disclose on their behalf.

Chas Roy-Chowdhury, head of tax at ACCA, said: ‘This sounds like good stuff to me, but should have been done from day one rather than going through the this whole debacle.’

He said the accountancy profession had had to ‘fight every inch of the way’ for the amendments to the rules that will ensure solicitors do not gain an unfair advantage over accountants in tax advice.

Disclosures will have to be made to the Revenue from 19 November, and the client would have to make the disclosure within five days of the first transaction which forms part of the scheme.

Related Articles

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

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

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

2m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

2m 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

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson