THE MAJORITY of the top-25 UK firms have pledged funds to fight for the extension of legal professional privilege, Accountancy Age can reveal.
Prudential’s battle against handing over details of tax advice it received from PwC to the taxman will be heard in the Supreme Court.
The ICAEW, which is taking part in the proceedings, has gained pledges from most of the UK 25 biggest firms for a war chest towards fighting the case. The fund will go towards Prudential’s legal fees, Accountancy Age understands.
ICAEW technical manager Ian Young said the firms were supporting an important issue.
“We thought it was a matter for general concern, and them supporting [the Prudential] financiallyshows they agree with us,” said Young.
“It will remain an important issue in relation to changes to the legal services market. Generally it’s the government’s intent not to have anti-competitive things in place in the legal marketplace.”
The hearing is expected to take place towards the middle of 2012.
Picture credit: Jaume Meneses flkr photostream
The ATT had previously expressed concern that the legislation was overly complex and created unnecessary complications within the practical working of the new allowances
Richard Oddy, Casper Kaars Sijpesteijn and Rory Goldthorpe have been appointed to senior roles in key sectors of high growth, with a further 17 junior and experienced hires
Introduced in 2013 to encourage R&D investment, the scheme allows UK businesses to pay only 10% corporation tax on profits derived from any UK or certain EU patents
Richard White, Nicola Westbrooke and Richard Ross all join from KPMG, where they oversaw the real estate tax practice