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.

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