RegulationRegulatory BodiesFRC launches Cup Trust investigation

FRC launches Cup Trust investigation

Accounting watchdog launches unprecedented investigation into member firms’ involvement with tax planning activities

FRC launches Cup Trust investigation

THE FRC has launched what is understood to be the first ever investigation by an accounting regulator into the tax planning activities of member firms.

Under its accountancy scheme, the FRC is investigating whether any member associated with controversial charity The Cup Trust committed misconduct with respect to the establishment and operation of the charity and any related tax planning issues.

The Cup Trust, which has not acted illegally, was shut down in February following a first-tier tribunal ruling found the scheme served no other purpose than to save tax. 

This article has been amended.

Related Articles

Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

Accounting Standards Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

10m Kevin Reed, Writer
Sports Direct implements FRC corrections in annual reporting

Accounting Standards Sports Direct implements FRC corrections in annual reporting

11m Stephanie Wix, Writer
CIIA appoints ex-FRC chief Paul Boyle as president

Company News CIIA appoints ex-FRC chief Paul Boyle as president

11m Stephanie Wix, Writer
Cashflow statement improvements targeted by watchdog

Accounting Standards Cashflow statement improvements targeted by watchdog

1y Stephanie Wix, Writer
FRC expects Brexit narrative within annual reports

Accounting Standards FRC expects Brexit narrative within annual reports

1y Stephanie Wix, Writer
FRC appoints former ICAEW president to its board

People Practice FRC appoints former ICAEW president to its board

11m Stephanie Wix, Writer
Watchdog launches audit investigation into Sports Direct

Accounting Firms Watchdog launches audit investigation into Sports Direct

11m Stephanie Wix, Writer
Record fine for Deloitte and audit partner over Aero misconduct

Accounting Standards Record fine for Deloitte and audit partner over Aero misconduct

11m Stephanie Wix, Writer